Dow Drops 285 Points on Trade Tensions, Economic Data
The Dow and S&P 500 saw their three-day winning streaks snapped
The Dow kicked off September on a sour note today, logging a 285-point drop. The latest round of U.S.-China tariffswent into effect over the weekend, and China responded in kind by filing a complaint against the U.S. with the World Trade Organization (WTO). A dismal batch of U.S. factory data only exacerbated concerns over a slowing global economy. The S&P 500 and Nasdaq also finished deep in the red, with the Dow and S&P snapping a three-day winning streak.
Continue reading for more on today's market, including:
How to trade a repeat of 2014 S&P action, courtesy of Schaeffer's Senior V.P. of Research Todd Salamone. 2 casino stocks that sank on Macau data.This robotics stock just flashed a reliable bear signal.Plus, one solar stock tests a key region; rare analyst love for Snap; and why volatility could cool this month.
The Dow Jones Industrial Average (DJI - 26,118.02) recorded a 285.3-point, or 1.1% loss. Boeing (BA) had the worst day of the 21 blue-chip losers, finishing off 2.7%, while Pfizer led the nine Dow advancers with its 1.6% gain.
The S&P 500 Index (SPX - 2,906.27) slid 20.2 points, or 0.7%, while the Nasdaq Composite (IXIC - 7,874.16) closed down 88.7 points, or 1.1%.
The Cboe Volatility Index (VIX - 19.66) added 0.7 point, or 3.6%.
5 Items on our Radar Today
In the latest Brexit twist, Prime Minister Boris Johnson just lost his working majority in parliament. Phillip Lee defected to the pro-European Union Liberal Democrats from the Conservative party earlier today. Johnson is facing pressure from opposition lawmakers who want to halt no-deal Brexit proceedings. (Reuters)Walmart (WMT) announced today it will discontinue sales of short-barrel rifle ammunition and end handgun sales in Alaska. The decision comes after Walmart -- the largest U.S. arms retailer -- faced pressure to change its gun sales policies in the wake of the recent string of mass shootings, including two in its stores over the summer. (CNBC)A crucial chart region just came into play for this solar stock.One analyst likes Snap's video game potential.This signal says stock market volatility could cool this month.
Data courtesy of Trade-Alert
Gold Grabs Highest Close Since 2013
Oil prices plunged today, as China's latest round of tariffs targeted U.S. crude. October-dated crude futures finished down $1.16, or 2.1%, to settle at $53.94 per barrel.
Gold roared higher today, as the stock market sell-off increased demand for the safe-haven asset. Gold for December delivery closed up $26.50, or 1.7%, at $1,555.90 an ounce -- the metal's highest close in six years.