In Dow Jones news today, the markets dropped as geopolitical instability in North Korea and Syria weighed on investor sentiment.
Let's look at the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,651.30; -6.72; -0.03%
S&P 500: 2,353.78; -3.38; -0.14%
Nasdaq: 5,866.77; -14.15; -0.24%
Today's market highlights:
- Geopolitical instability pushed the CBOE Volatility Index to its highest levels in five months.
- Shares of Apple Inc. (Nasdaq: AAPL) were the largest drag on the S&P 500.
- Oil prices pushed higher on news that Saudi Arabia wants to extend OPEC's oil deal.
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
DJIA Today: Dow Slides as Geopolitical Tensions Rattle Investor Sentiment
- The CBOE Volatility Index (VIX) jumped to its highest level in five months. In a sign that geopolitical tension is weighing on the market, the VIX snapped a streak of 103 sessions in which it traded below its 200-day moving average.
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- The U.S. Federal Reserve was back in focus after Minneapolis Federal Reserve Bank President Neel Kashkari offered his insight on monetary policy Tuesday. The former Goldman Sachs trader was the only voting Fed member to dissent in the central bank's rate hike vote last month. Kashkari argues that the labor market is still not as strong as it could be and that inflation remains lower than his preferred target.
- Crude oil prices ticked higher on news that Saudi Arabia wants to extend OPEC's deal to cap excessive production in order to support crude prices. The announcement comes shortly before the American Petroleum Institute releases its weekly inventory report after the bell Tuesday. WTI crude oil prices were up 0.2%, and Brent crude climbed 0.1%.
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- Shares of Chevron Corp. (NYSE: CVX) dipped 0.5%, while Exxon Mobil Corp. (NYSE: XOM) fell more than 0.3%.
- Financial stocks were sliding even though President Donald Trump hinted that his administration will seek to revamp the Dodd-Frank Act. Shares of Bank of America Corp. (NYSE: BAC) dropped 0.5% on the day, while Wells Fargo & Co. (NYSE: WFC) fell nearly 1%. Markets are eyeing a busy round of earnings reports from the financial sector on Thursday.
Stock Market News and Top Stocks to Watch Today: April 11, 2017
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- Shares of United Continental Holdings Inc. (NYSE: UAL) fell more than 1% after a video emerged of airport security physically removing a passenger from a flight. The video has gone viral and shows security dragging a man out of the cabin after he refused to give up his seat to United crew who were flying from Chicago to Louisville. The incident has sparked international backlash against the airline giant. E-commerce giant com Inc. (Nasdaq: JD) has even called for a boycott against United and popular hashtags on Twitter Inc. (NYSE: TWTR) include #NewUnitedAirlinesMotto and #BoycottUnitedAirlines. Others are calling for the company's CEO Oscar Munoz to resign.
- In deal news, shares of online coupon firm RetailMeNot Inc. (Nasdaq: SALE) rallied almost 50% on news that it has sold itself to marketing services company Harland Clarke.
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- Shares of Walt Disney Co. (NYSE: DIS) added more than 0.5% after investment bank Goldman Sachs Group Inc. (NYSE: GS) tagged the entertainment giant to its "Conviction Buy" list.
- Shares of Amazon.com Inc. (Nasdaq: AMZN) fell more than 0.5% Tuesday, but the stock still remained above $900.00 per share. The stock has been on a remarkable run over the last year as the e-commerce giant continues to eat market share in the retail space. Some investors think that there are retail spaces where Amazon can't reach, but Money Morning Chief Investment Strategist Keith Fitz-Gerald explains that Amazon has the capacity to enter two new markets. It's all part of Fitz-Gerald's important message that there is "no such thing as an Amazon-proof retailer company." Here's what you need to know.
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- Import and Export Prices at 8:30 a.m.
- Atlanta Fed Business Inflation Expectations at 10 a.m.
- Dallas Federal Reserve Bank President Robert Kaplan speaks at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- 30-Year Bond Auction at 1 p.m.
- Treasury Budget at 2 p.m.
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