The Dow and S&P 500 touched record highs today before slipping into red territory, with the former closing down 466 points for its worst single-day percentage loss since Nov. 18. The Nasdaq, on the other hand, nabbed its third-straight gain. Defense stocks pulled back after President Trump said he would not permit companies within the sector to issue dividends and stock buybacks, while energy stocks remained in focus following news that Venezuelan authorities will turn over up to 50 million barrels of oil to the U.S.
Continue reading for more on today's market, including:
- Steel stock poised to start the year strong.
- Analysts downgrade Deckers Outdoor stock.
- Plus, lithium stock earns bull note; keep tabs on MBLY; and what's coming next week.
5 Things to Know Today
- According to officials, the U.S. apprehended a Russian-flagged oil tanker that is linked to Venezuela. (Reuters)
- President Trump said he would move to ban institutional investors from buying single-family homes, stating "people live in homes, not corporations." (Bloomberg)
- Strong lithium demand resulted in an upgrade for Albemarle stock.
- Mobileye is acquiring a humanoid robot startup for $900 million.
- Big bank earnings and and inflation data-heavy week ahead.
There were no earnings of note today.
Oil, Gold Prices Move Lower
Crude prices fell has investors continue to unpack ongoing developments between the U.S. and Venezuela, including President Donald Trump's deal to import up to $2 billion worth of Venezuelan crude to the U.S. February-dated West Texas Intermediate (WTI) crude fell 2%, or $1.14, to close at $55.99 a barrel.
Gold prices also slipped today amid some general profit-taking. February-dated gold futures dropped 0.4% to $4,476 per ounce.
