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How Did the Stock Market Do Today?
S&P 500: 1,884.09; +2.32; +0.12%
Nasdaq: 4,517.32; -26.65; -0.59%
The Dow Jones Industrial Average today (Tuesday) jumped more than 46 points in the final minutes of trading despite concerns about global growth weighing on investor sentiment. Today's rebound in healthcare stocks faded in the later hours of the trading session, and extended the sector's downturn to eight straight days. The Nasdaq finished the day down 26 points, while the S&P 500 added a little more than two points.
It was another brutal day for biotech stocks. Shares of Novavax Inc. (Nasdaq: NVAX) and Seres Therapeutics Inc. (Nasdaq: MCRB) both fell by more than 21% on the day, while shares of Galapagos NV (Nasdaq ADR: GLPG) fell by more than 16%. The iShares NASDAQ Biotechnology Index ETF (Nasdaq: IBB) was down 0.4% after paring strong gains from this morning.
Top Stock Market News Today
- Stock Market News: Five of 10 S&P 500 sectors were in the red today, with energy and consumer goods stocks taking the biggest blows. Consumer goods were down thanks to declines in Netflix Inc. (Nasdaq: NFLX) and Nike Inc. (NYSE: NKE), which both fell by more than 1% on the day. Industrials led the way, with General Electric Co. (NYSE: GE) and 3M Co. (NYSE: MMM) both gaining more than 1% on the day. Market sentiment remains mixed as data suggests the U.S. economy is improving, while concerns about China's slowing growth are weighing down nations like Japan and Australia. This morning, the Conference Board announced the consumer confidence index increased to 103.0 in September from 101.1 in August.
- Oil Prices Rise: Oil prices rebounded on Tuesday. WTI prices added more than 1.7% to hit $45.21, while Brent oil prices added 1.8% to hit $48.22. Tomorrow, the U.S. Energy Information Administration (EIA) will announce changes in U.S. crude inventories. Energy economists anticipate a drawdown of 916,000 barrels from last week. Here's everything you need to know about oil prices today.
- On Tap Tuesday: Tomorrow, pay attention to the latest monthly GDP report in Canada to get a better sense of whether the United States' largest export market is mired in recession. Automated Data Processing (ADP) reports private data growth for the month of September. Companies reporting earnings on Wednesday include Paychex Inc. (Nasdaq: PAYX).
Stocks to Watch: AAPL, NXST, MEG, YHOO, BABA
- Stocks to Watch No. 1, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) slipped another 2.2% today on news the firm was hit by seven counts of patent infringement over its iCloud technology.
- Stocks to Watch No. 2, NXST: Shares of Nexstar Broadcasting Group Inc. (Nasdaq: NXST) surged 8% after activist investor Starboard Value LP recommended that regional TV firm Media General Inc. (NYSE: MEG) agree to Nexstar's takeover offer. Shares of MEG were up more than 1.2% on the day.
- Stocks to Watch No. 3, YHOO: Shares of Yahoo! Inc. (Nasdaq: YHOO) jumped another 2.4% today on news the company will proceed with its spin-off of its stake in Alibaba Group Holding Ltd. (NYSE: BABA). Alibaba stock gained 0.7% on the day.
What Investors Must Know This Week
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