The Dow fell sharply today, giving back earlier gains amid political drama at home. Well-received U.S.-China trade developments in the morning gave way to selling in the afternoon, after President Donald Trump said he "will not accept a bad [trade] deal" with China in his speech to the United Nations General Assembly.
Losses accelerated as calls for impeachment ratcheted up amid allegations Trump threatened to withhold economic aid to Ukraine in exchange for information on Democratic presidential candidate Joe Biden. House Speaker Nancy Pelosi is expected to give an announcement at 5 p.m. ET, with several media outlets hinting at a formal impeachment inquiry. Trump earlier said he will release the transcript of his call with Ukrainian President Volodymyr Zelensky tomorrow. The S&P 500 and Nasdaq also finished lower for their third straight loss.
Continue reading for more on today's market, including:
- Target these stocks after back-to-back Fed rate cuts.
- Options bulls blitzed Clovis Oncology stock despite a downgrade.
- 2 reasons to keep an eye on this semiconductor stock.
- Plus, 2 rallying small-caps; New Age Beverages stock lights up; and why these media stocks struggled.
The Dow Jones Industrial Average (DJI - 26,807.77) recorded a 142.2-point, or 0.5%, loss. Boeing (BA) had the best day of the seven blue-chip gainers, finishing up 1.2%, while Dow Inc (DOW) and Goldman Sachs (GS) led the 23 laggards, shedding 2.7% apiece.
The S&P 500 Index (SPX - 2,966.60) logged a 25.2-point, or 0.8%, loss, while the Nasdaq Composite (IXIC - 7,993.63) closed down 118.8 points, or 1.5%.
The Cboe Volatility Index (VIX - 17.05) gained 2.1 points, or 14.4%.
5 Items on our Radar Today
- Amid a slew of controversy, WeWork co-founder Adam Neumann said he will step down as CEO. WeWork parent We Company's initial public offering (IPO) was delayed amid valuation concerns, and Neumann's role in the firm drew investor scrutiny over corporate governance. The real estate startup will operate with co-CEOs going forward. (Reuters)
- A federal investigation revealed that several Federal Aviation Administration (FAA) inspectors were underqualified. The FAA has come under fire for its certification of the Boeing 737 in 2017. The aircraft has been grounded since March in the wake of two fatal crashes within five months. (CNBC)
- Breaking down big days for 2 small-cap stocks.
- Japan's CBD buzz did wonders for New Age Beverages stock.
- These 2 media stocks struggled today.
Data courtesy of Trade-Alert
Gold Logs Highest Close In Nearly Three Weeks
Oil prices fell today, on reports Saudi Arabia is making progress in restoring crude production in the wake of the facility attacks. November-dated crude futures shed $1.35, or 2.3%, to settle at $57.29 per barrel.
Gold rose today as President Trump's speech at the U.N. General Assembly stoked fears of geopolitical instability. Gold for December delivery added $8.70, or 0.6%, to settle at $1,540.20 an ounce, its highest close in nearly three weeks.
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