Dow Decimated Despite Fed Rate Cut
All three indexes turned in losses of 2% or more
Stocks were trounced once again today, even after the emergency efforts from the Federal Reserve. Despite a triple-digit surge out of the gate this morning, the Dow finished 786 points lower, exacerbating its losses after the central bank cut interest rates by half a percentage point in an effort to aid slower economic growth amid the coronavirus outbreak. Meanwhile, the 10-year treasury yield dipped below 1% for the first time ever.
The S&P 500 and Nasdaq both closed deep in the red, and all three benchmarks logged losses of 2% or more. The Fed's decision to step in comes two weeks before a scheduled meeting, the first time emergency action has been taken between scheduled meetings since the 2008 financial crisis.
Continue reading for more on today's market, including:
This Walmart rival took a post-earnings hit today.Analyst cheered Qiagen's big merger.Plus, options bulls blast FTSV; a new bottom for Tilray stock; and Inovio Pharmaceuticals progresses COVID-19.The Dow Jones Industrial Average (DJI - 25,917.41) finished 785.91 points, or 2.9% lower for the day. Coca-Cola (KO) was the lone winner with a 0.3% gain, while American Express (AXP) turned in a 5.1% loss at the bottom of the Dow.
The S&P 500 Index (SPX - 3,003.37) shed 86.9 points, or 2.8%,while the Nasdaq Composite (IXIC - 8,684.09) lost 268.1 points, or 3%.
The Cboe Volatility Index (VIX - 36.82) added 3.4%, or 10.2%.
5 Items on Our Radar Today
As the Super Tuesday polls open up, Bernie Sanders hopes to beat former Vice President Joe Biden, despite the latter racking up a surprising amount of momentum after a South Carolina primary victory. Biden has also picked up endorsements from several key figures going into today. (CNBC)Some airlines are waiving flight change fees in response to the coronavirus outbreak, while others are focusing on flights to regions that are being more heavily impacted. American Airlines (AAL), for example, will not charge a change fee for flights booked between March 1 and March 16. (MarketWatch)Analysts and options traders reacted to FTSV's new record high.Breaking down Tilray's ugly turn in the earnings confessional.Another drug stock popped amid a vaccine development.
Data courtesy of Trade-Alert
Oil, Gold Bounce Back
Oil futures are little changed since Monday, going up just 43 cents, or 0.9%, to trade at $47.18 per barrel amid reports that the Organization of the Petroleum Exporting Countries (OPEC) and its allies are preparing a production cut next week.
In the wake of the Fed's emergency rate cut, April-delivered gold saw a big rise today, gaining $49.61, or 3.1%, to trade at $1,644.40 per ounce.