Stocks ease back from record highs despite oil's climb
Stocks (^DJI, ^GSPC, ^IXIC) are easing back from all-time highs. Is this just a short breather, or are traders growing wary of the recent rally?
Catch The Final Round at 4 p.m. with Jen Rogers and columnist Rick Newman.
Winners and losers
Stocks on the move lower today include defense name Lockheed Martin on its spinoff of division to Leidos holdings, oil and gas company Concho Resources on a new share offering, and Hain Celestial — shares of the organic food maker tumbling after it announced a deal in its annual report due to an accounting issue. Hain also said it would miss prior profit and revenue targets for the just-ended fiscal year.
Stocks on the move higher include Dick’s Sporting Goods as it beat on earnings and raised its full-year profit guidance, industrial gas supplier Praxair on reports it’s in talks to buy German rival Linde, and Morgan Stanley — shares of the investment bank rising after activist hedge fund ValueAct disclosed a 2% stake in Morgan Stanley, worth $1.1 billion.
ETF guru on the markets
For more on the markets and how you should invest here near all-time highs, we’re joined by Tom Lydon, Editor of ETFtrends.com.
In the morning we could get a potential jolt to the improving oil trade with EIA’s crude inventory report. Last week we saw a build of 1.1 million barrels of crude.
At 2 p.m. Eastern, the street will be looking for clues as to where the Fed’s leaning when the FOMC releases minutes from its July meeting.
And in Rio, highlighting tomorrow’s events will be decathlete Ashton Eaton defending his title, with Usain Bolt and Justin Gatlin expected in the 200 meter semifinals. Elsewhere the men’s basketball quarterfinals and the soccer semifinals are taking place, and Copacabana beach hosts the finals of women’s beach volleyball.