Nasdaq Pivots Lower on Tech Sell-Off; Verizon Lifts Dow Jones Industrial Average

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The Dow Jones Industrial Average (DJIA) finished higher today, setting a new record high in the process, thanks to solid performances from Verizon and Merck stocks. On the other hand, the S&P 500 Index (500) and Nasdaq Composite (COMP) both pivoted from fresh all-time highs, finishing the day in the red after an afternoon tech sell-off. Amid accelerated trading volume, the Nasdaq was down triple digits at its low point, and the CBOE Volatility Index (VIX) -- Wall Street's "fear gauge" -- snapped its record streak of closes below the 10 level.

Continue reading for more on today's market, including:

  • 2 oil stocks bearish traders need to watch.
  • Snap stock hit its lowest price ever.
  • 2 stocks obliterated after profit warnings .
  • Plus, analysts weigh in on Amazon's worth; an insurance stock that may be a short-term buy; and the drug stock that suffered its worst day in years.

The Dow Jones Industrial Average (DJIA- 21,796.55) added 85.5 points, or 0.4%, after reaching a new intraday high of 21,798.47. Of the 30 Dow stocks, 17 ended in positive territory, led by a 7.7% rally for Verizon. Apple was the biggest loser, dipping 1.9%.

The S&P 500 Index (SPX - 2,475.42) shed 2.4 points, or 0.1%, yet reached a new intraday high of 2,484.04. The Nasdaq Composite (COMP - 6,382.19) dipped 40.6 points, or 0.6%. The COMP also set a new intraday high of 6,460.84.

After a wild intraday ride up to 11.50 -- its highest point since July 11 -- the CBOE Volatility Index (VIX - 10.11) closed up 0.5 point, or 5.3%.

5 Items on Our Radar Today:

  1. The Pentagon pushed back against President Trump's Twitter decree that transgender Americans will no longer be allowed in the U.S. military. Joint Chiefs Chairman Joseph Dunford said that "no modifications" will be made until the Secretary of Defense receives a formal notice from the president, and, "In the meantime, we will continue to treat all of our personnel with respect." ( Bloomberg)
  2. Google reportedly purchased $820 million worth of property in Silicon Valley, CA, hoping to expand across the Sunnyvale area. Now responsible for over 72,000 employees, Google apparently needs space to train and locate new workers. ( CNBC )
  3. Analyst said Amazon could be the first trillion-dollar company .
  4. The insurance stock that could be a short-term buy .
  5. This pharma stock suffered its worst day in years.

Data courtesy of Trade-Alert


Oil futures were up for a fourth straight session, while also sitting on a two-month high. Falling U.S. stockpiles and promises to cut output by major exporters helped September-dated oil up 0.6%, or 29 cents, to $49.04 a barrel.

Gold futures also rose today, ending at a six-week high, though a rebounding dollar kept the metal's gains in check. The front-month August contract added 0.9%, or $10.60, settling at $1,260 per ounce.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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