Nasdaq Losing Streak Hits 4 Weeks as FAANG Earnings Disappoint
The Dow and S&P also racked up big weekly losses
It was a sharply lower session on Wall Street, with the Dow off more than 500 points at its intraday low. Negative FAANG earnings reactions from Amazon (AMZN) and Alphabet (GOOGL) sparked the heavy selling, and had the S&P 500 flirting with correction territory. While the major benchmarks came off their earlier lows by the close, they all ended the week with substantial losses -- and the Nasdaq slumped to its fourth straight weekly decline, its longest such streak since August 2017.
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Bulls should target this pharma stock before earnings.Analyst sees more downside for General Electric shares.Plus, the chip stock at new lows ahead of earnings; Take-Two shares have room to recover; and Snap's really bad day.The Dow Jones Industrial Average (DJI - 24,688.31) closed down 296.2 points, or 1.2%. Home Depot (HD) led 26 Dow stocks lower with its 3.8% drop, while Intel (INTC) paced the four advancers with its 3.1% gain. For the week, the DJI gave back nearly 3%.
The S&P 500 Index (SPX - 2,658.69)fell as low as 2,628.16 earlier, before paring its loss to 46.9 points, or 1.7%. The Nasdaq Composite (IXIC - 7,167.21) fared the worst of its peers, surrendering 151.1 points, or 2.1%. Week-over-week, the SPX slumped 3.9%, while the IXIC shed 4.1%.
The Cboe Volatility Index (VIX - 24.16) climbed as high as 27.52, before swinging down 0.06 point, or 0.3%. The market's "fear gauge" jumped 21.5% on the week.
5 Items on our Radar Today
Consumer sentiment fell more than expected in October, with the University of Michigan's economic indicator slipping to 98.6 from the final September reading of 100.1. After hitting a year-to-date low of 95.7 in January, the index notched a 14-year high of 101.4 in March. (CNBC)FBI agents arrested Cesar Sayoc in connection with the string of explosive devices mailed to key political figures this week, including former President Barack Obama and former Secretary of State Hillary Clinton. The 56-year-old Florida man was taken into custody after a fingerprint match was made to one recovered from the package sent to Rep. Maxine Waters earlier this week. (USA Today)This chip stock hit new lows ahead of Monday's earnings event.Take-Two Interactive stock made a midday push onto positive ground, and there could be more upside on the horizon.A devastating update on daily active users sent Snap stock spiraling to a record low.
Data courtesy of Trade-Alert
Oil Logs Third Straight Weekly Loss
December-dated crude futures erased intraday losses to close up 26 cents, or 0.4%, at $67.59 per barrel. Oil prices fell 2.2% on the week, though, marking their third straight weekly drop.
Gold benefited from its status as a safe-have asset today, with the December-dated contract adding $3.40, or 0.3%, to close at $1,235.80 an ounce. For the week, gold added 0.6%, bringing its weekly win streak to four.