Tariff Troubles Drag Dow; S&P Snaps Win Streak
The S&P closed lower for the first time in nine days
U.S. stocks finished the day in the red, with the Dow suffering a triple-digit blow on the back of trade tensions with the European Union (EU). A downwardly revised global growth forecast from the International Monetary Fund (IMF) only strengthened headwinds. Boeing's (BA) woes also weighed on the blue-chip index, with the stock sinking 1.5% after the company said it recorded zero new orders for the 737 MAX 8 after a global grounding of the aircraft. The selling was broad, too, with the Nasdaq and S&P closing lower, and the latter snapping its eight-day win streak.
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These 3 volatile stocks just saw heavy options trading. Boeing backlash blasted American Airlines stock.Why now's the time to play the PepsiCo pullback.Plus, Disney gets a big upgrade; 2 drug stocks that made moves; and the penny stock Needham is buying.The Dow Jones Industrial Average (DJI - 26,150.58) sank 190.4 points, or 0.7%. Walt Disney (DIS) led the mere four blue-chip gainers, adding 1.7%. Caterpillar (CAT) was the biggest loser, shedding 2.5%.
The S&P 500 Index (SPX - 2,878.20) lost 17.6 points, or 0.6%, while the Nasdaq Composite (IXIC - 7,909.28) fell 44.6 points, or 0.6%.
The Cboe Volatility Index (VIX - 14.28) added 1.1 point, or 8.4%.
5 Items on our Radar Today
The Labor Department's Job Openings and Labor Turnover Surveys, or JOLTS, showed job openings fell by 538,000 in February to 7.09 million, the biggest monthly drop since 2015. January's JOLTS report was upwardly revised to 7.63 million, while the quits rate stood at 2.3% for the ninth straight month. (Bloomberg) In part of its latest "Restock Kroger" plan, the grocery giant has begun revamping its leadership. Specifically, Kroger has named Mary Ellen Adcock senior vice president of retail operations, Joe Grieshabersenior vice president of merchandising, and Robert Clark senior vice president of supply chain, manufacturing and sourcing, effective May 1. (MarketWatch) Cowen upgraded Disney stock on high streaming service expectations. 2 drug stocks that made notable moves today. Needham: Buy this penny stock.There were no earnings of note today.
Data courtesy of Trade-Alert
Gold Surged to Nearly 2-Week High
Crude prices retreated from five-month highs, as Russia signaled support to ease supply cuts and tensions in Libya flared. May-dated crude fell 42 cents, or 0.7%, to settle at $63.98 per barrel.
Gold futures climbed after the IMF global growth forecast was lowered for 2019, and the U.S. dollar weakened. June-dated gold added $6.40, or 0.5%, to settle at $1,308.30 an ounce.