Nasdaq Snaps Win Streak as VIX Roars Back
The Dow's losses accelerated at the closing bell
It was a dismal end to a wild trading day on Wall Street. After slowly leaking gains all day, the Dow's losses accelerated to its session lows --over 450 points -- at the closing bell. Investors weighed distressing comments from National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci, who warned of a second COVID-19 wave in the wake of the economic reopening.
The Nasdaq couldn't cling to its midday gains either, snapping its six-day win streak as traders begin to doubt the resiliency of big tech, while the S&P also suffered a notable loss. Meanwhile Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its biggest gain since March 16.
Continue reading for more on today's market, including:
The battle for biggest market cap rages on between Netflix and Disney. Bulls on high alert as Cisco steps up to the earnings plate.Plus, Datadog's earnings beat; PNC's BlackRock exit; and United Airline's new president.
The Dow Jones Industrial Average (DJI - 23,764.78) lost 457.2 points, or 1.9% on Tuesday.Walmart (WMT) was the only blue chip to finish in the black on a 0.1% win, while Goldman Sachs (GS) fell to the bottom of the index, down 3.3%.
The S&P 500 Index (SPX - 2,870.12) dropped 60.2 points for the day, or 2.1%. Meanwhile, the Nasdaq Composite (IXIC - 9,002.55) ended 189.8 points, or 2.1%, lower.
The Cboe Volatility Index (VIX - 33.04) added 5.5 points, or 19.8%.
5 Items on Our Radar Today
With many gradually returning to offices after months of working remote, Twitter (TWTR) told employees in a statement that they can work from home "forever" if they choose to. Twitter also stated that with few exceptions, all employees will be expected to work from home until September, with no in-person company events for the rest of the year. (CNBC)Morgan Stanley (MS) was hit with over $5 million in settlement charges from the Security Exchange Commission (SEC), after it was accused of providing misleading information regarding trading executions and costs to some clients involved in its wrap-fee programs. The fine will be paid to the investors mislead by the bank name. (MarketWatch)Analysts hound Datadog stock post-earnings. While Stephens thinks PNC's BlackRock exit is a smart move.A look at United Airline's new president.
Data courtesy of Trade-Alert
Oil Bounces Back on Production Cut Expectations
Oil futures settled back above the $25 mark while Wall Street bet on additional production cuts amid dwindling demand. June-dated crude added $1.64, or 6.8%, to settle at $25.78 a barrel.
Fears over a sluggish economic recovery, even amid reopening efforts, gave gold futures a boost, as stocks slipped and investors turned back towards the safe haven. Gold for June delivery added $8.80, or 0.5%, to settle at $1,706 an ounce.