Dow Suffers Worst Day Since May
Concerns about interest rates sent the major indexes lower -- and Treasury yields higher -- for the second session in a row, though the Federal Open Market Committee (FOMC) isn't expected to announce a rate hike after its policy meeting tomorrow. In addition, the announcement of Amazon's (AMZN) new healthcare partnership weighed on several pharmacy stocks and health insurers, including blue-chip UnitedHealth Group (UNH).
As such, the Dow was down more than 400 points at its intraday low, and ultimately suffered its worst session since May. Likewise, the Nasdaq and S&P ended in the red as well, with the latter seeing its worst one-day point and percentage drops since August. Against this backdrop, the VIX -- or the stock market's "fear gauge" -- rallied to its highest point in five months.
Continue reading for more on today's market, including:
25 stocks to short right now. The Nasdaq-100 signal that just flashed for third time ever.Analysts: More upside ahead for these 2 hot stocks.Plus, 3 popping airline stocks; 2 reasons to buy Activision; and the healthcare stock sinking before earnings.The Dow Jones Industrial Average (DJI - 26,076.89) shed 362.6 points, or 1.4%, for the day. Caterpillar (CAT) led the only two advancing blue chips with a less than 1% gain -- Procter & Gamble (PG) was the other survivor, up 0.1% -- while UNH paced the 28 losers with a 4.3% loss.
The S&P 500 Index (SPX - 2,822.43) lost 31.1 points, or 1.1%, while the Nasdaq Composite (IXIC - 7,402.48) gave back 64 points, or 0.9% -- its biggest one-day drop sinceDecember.
The CBOE Volatility Index (VIX - 14.79) gained 1 point, or 6.9% for the day, and touched an intraday high of 15.42 -- its loftiest mark since August.
5 Items on Our Radar Today
U.S.home prices continue to surge, with no end in sight. Per data from S&P CoreLogic Case-Shiller, home prices increased by 6.2% year-over-year in November. Low mortgage rates were a major catalyst, as well as fewer homes being placed on the market. (CNBC)McDonald's fourth-quarter sales grew, as the burger chain capitalized on the McPick 2. The guest count grew by 1.9% in 2017, marking the first increase in calendar-year foot traffic in five years. (MarketWatch)3 popping airline stocks.2 reasons to buy Activision stock this week.Healthcare slump hit Anthem stock before earnings.
Data courtesy of Trade-Alert
Oil Loses for Second Session, Gold Reverses Lower
Concerns of mounting U.S. crude production sent March-dated oil lower for its second session in a row. Crude futures finished the day down $1.06, or 1.6%, at $64.50 per barrel.
Gold prices were initially higher as traders sought safety in the malleable metal, but a late-session reversal sent the commodity lower. February-datedfutures saw a $4.90, or 0.4%, drop, to settle at $1,335.40 per ounce.