Stocks Drop, Oil Marks 18-Year Low
Oil futures settled at their lowest since 2002
The Dow finished the day with a nearly 450-point loss, and down more than 700 at its session lows, with disappointing bank earnings and COVID-19-related economic headwinds weighing heavy. The Nasdaq andS&P 500 also finished in the day in the red, as investors unpacked the Empire State Manufacturing Index's record-low reading of -78.2. Doubt also crept back in as the International Financial Institution (IMF) announced the likelihood of a recession deeper than the 2008-2009 financial crisis, though slowing hospitalization rates in New York bring cautious optimism.
Continue reading for more on today's market, including:
Surging JD stock sees a rise in options volume.BBBY stock is down ahead of earnings.Plus, General Mills grabs an upgrade; Behind this blue-chip stock dip, and the preliminary report boosting TDOC.
The Dow Jones Industrial Average (DJI - 23,504.35) dropped 445.4 points, or 1.9% for the day. UnitedHealth (UNH) topped the charts with a 4.1% win, while Dow (DOW) finished at the bottom with a 8.9% loss.
The S&P 500 Index (SPX - 2,783.36) fell 62.7 points, or 2.2%,while the Nasdaq Composite (IXIC - 8,393.18) fell 122.6 points, or 1.4% for the day.
The Cboe Volatility Index (VIX - 40.84) rose 3.1 points, or 8.2%.
5 Items on Our Radar Today
Analysts remain confident in Apple (AAPL) as it unveiled the new iPhone SE, now one of five on the market. (Marketwatch)U.S. President Trump temporarily halted funding to the World Health Organization (WHO) over its handling of the coronavirus -- here's what that could mean for WHO and its work. (Reuters)Why Piper Sandler gave General Mills an upgrade. Goldman Sachs dips on quarterly earnings.Surge in virtual traffic just gave TDOC stock a boost.
Data courtesy of Trade-Alert
Oil Falls to Historic Low
Oil futures settled at their lowest mark since February 2002, as demand continues to fall and supply continues to surge. May-dated futures fell 24 cents, or 1.2%, to settle at $19.87 a barrel.
Gold futures fell for the first time in five sessions with the market is in risk-off mode, as investors sell everything that isn't "government guaranteed." Gold for June delivery dropped $28.70, or 1.6%, to settle at $1,740.20 per ounce.