Dow hits record high as Nasdaq tumbles
The Dow is hitting another high today, but a vicious rotation in stocks has the tech-heavy Nasdaq feeling the brunt. Catch The Final Round at 4 p.m. ET with Justine Underhill and markets reporter Myles Udland.
Winners and losers
Stocks in the red today include Dollar General after the discount retailer posted a miss on both its top and bottom lines, retailer Express on disappointing earnings and lower current quarter guidance, and GNC Holdings. Shares of the nutrition supplement retailer sinking after Bloomberg reported sale talks with Chinese suitors had stalled.
Meanwhile, stocks ending the day in the green include Skechers after the shoemaker’s CEO disclosed a purchase of 500 thousand shares, farm equipment giant Deere on a Bank of America upgrade to buy, and Rockwell Collins. Shares of the aircraft parts maker are flying higher after Bloomberg first reported that activist investor Starboard Value is pressuring Rockwell Collins to abandon its $6.4 billion purchase of B/E Aerospace.
What’s next for the markets, and the dollar
The Dow hitting another record today as stocks keep pushing higher post-election. Here to give us his thoughts on the market, and the dollar, is Jonathan Hoenig, Managing Member at Capitalist-Pig Hedge Fund.
Looking ahead
It’s the big one. At 8:30 a.m. ET, we’ll get the jobs report for November. Economists are looking for a gain of 160,000 jobs. That number could solidify a Fed rate hike this month.
And the Fed-speak rolls on with Fed Governor Lael Brainard talking in the morning and Governor Daniel Tarullo speaking in the afternoon.
Finally, Rolling Stones fans will get some satisfaction! The band will release a new album for the first time in over a decade. Called Blue & Lonesome, the album, which features only covers, was recorded live in a London studio in just three days.
