Dow Plummets 1,031 Points as VIX Surges
The number of coronavirus cases outside China are growing
The Dow was on the wrong side of history today, turning in a 1,031-point loss, its third-worst single-session drop ever. The blue-chip index has now given up its year-to-date gains in just one day, as COVID-19 continues to spread to more countries outside of China. The S&P 500 and Nasdaq turned in equally ugly setbacks, the latter suffering its steepest single-day drop in years. As global markets panic, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) logged its highest close since December 2018.
Continue reading for more on today's market, including:
Lyft and Uber weekly options are all the rage lately.This restaurant stock bucked the broad market sell-off.Plus, a Foot Locker earnings preview; Beyond Meat's new rival; and a big bull note for KDP.The Dow Jones Industrial Average (DJI - 27,960.80) finished 1,031.6 points, or 3.6% lower for the day. Verizon (VZ) was the best of the 30 blue-chips in the red, shedding 0.4%, while UnitedHealth (UNH) was the worst-performing, losing 7.8%.
The S&P 500 Index (SPX - 3,225.89) shed 111.9 points, or 3.4%,while the Nasdaq Composite (IXIC - 9,221.28) lost 355.3 points, or 3.7%.
The Cboe Volatility Index (VIX - 25.03) gained 8 points, or 46.6%.
5 Items on Our Radar Today
As coronavirus spreads global panic, finance mogul Warren Buffett warns investors not to buy/sell stock based on today's news. In a wide-ranging three-hour interview, Berkshire Hathaway's CEO questions whether a couple days of plunging stocks will effect American businesses long-term. (CNBC)President Donald Trump announced that violators of U.S. sanctions on Venezuela's oil sector will face harsh punishments. This sanctions campaign was issued in the hopes of dissuading customers that are helping Caracas hide the origin of their oil. (Reuters)Keep an eye on this trendline ahead of Foot Locker earnings.A new rival sent Beyond Meat stock lower today.Morgan Stanley is a fan of Keurig Dr Pepper stock.
Data courtesy of Trade-Alert
Oil Drops; Gold Logs Highest Finish Since 2013
Crude futures fell in step with the broader market today, as the coronavirus outbreak weighs on energy demand. April-dated oil shed $1.95, cents, or 3.7% to settle at $51.43 per barrel.
Gold futures made it eight in a row today, as investors flock to safe-haven assets amid the global sell-off. Gold for April delivery gained $27.80, or 1.7%, to settle at $1,676.60 an ounce. It was gold's highest finish since early 2013.