Stocks Score Monthly Win; Nasdaq Notches Record Close

The Dow Jones Industrial Average (DJIA)  ended higher today, amid talk of tax reform and after the latest  economic data . Expectations for a December rate hike from the Fed were dimmed after inflation increased at its slowest rate in two years. Traders are now awaiting another Fed-watched data point, with the government's monthly jobs report out tomorrow. The S&P 500 Index ( SPX )  and Nasdaq Composite (COMP)   also ended higher, with the former extending its winning streak to five sessions to eke out a monthly win, and the latter notching its highest close on record. 

Continue reading for more on today's market, including:

• The  blue-chip stock to short right now, if past is prologue.
• 3 stocks that  gapped lower after earnings.
• Wells Fargo found more fake accounts .
• Plus, the historically bearish ETF heading into September; the auto stock expected to double; and the pharma stock crushing shorts.

The Dow Jones Industrial Average (DJIA- 21,948.10)  ended with a gain of 55.7 points, or 0.3%, as 20 of its 30 stocks managed to end higher. UnitedHealth ( UNH ) led the advancers with its 1.5% gain, while Walt Disney ( DIS ) stock paced the 10 losers with a 1.6% loss. For the month, the DJIA added 0.3%.

The  S&P 500 Index (SPX - 2,471.65) closed up 14.1 points, or 0.6%, extending its daily and monthly winning streaks to five. For the month, the SPX added 0.1%. The tech-heavy  Nasdaq Composite (COMP - 6,428.66)  gained 60.4 points, or 1%, while notching a record close. For August, the COMP gained 1.3%.

The  CBOE Volatility Index (VIX - 10.59) lost 0.6 point, or 5.6%, and settled at its lowest close since Aug. 7. For the month, the "fear gauge" added 3.2%.

5 Items on Our Radar Today

1. Defense Secretary Jim Mattis signed orders to begin sending  more troops to Afghanistan in an effort to move forward with President Trump's new war strategy. While the exact number and use of the troops was not specified, it has been reported that Mattis could deploy up to 4,000 more troops. ( CNBC )
2. While U.S. inflation was tame, the inflation rate in Venezuela  is up 460% year-over-year. Bloomberg's Cafe Con Leche Index -- created after Venezuela stopped reporting economic data -- indicated the price of a cup of coffee just skyrocketed 22% to 2,800 bolivars this week. ( Bloomberg )
3. The historically bearish ETF heading into September.
4. Goldman thinks this  auto stock could double . 
5. The pharma stock crushing shorts .

Data courtesy of  Trade-Alert

Commodities

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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