Trade, Economic Fears Sink Dow
The Dow and Nasdaq are barely in the black for the week after today's selling
It was a risk-off session on Wall Street, sending the Dow to a more than 200-point loss. Bears emerged early on due to fresh signs of a slowing global economy, and discouraging headlines on U.S.-China trade talks only brought more sellers to the table. Despite a few encouraging earnings reports, including Chipotle's (CMG) huge move, the S&P 500 and Nasdaq also settled deep in the red, as stocks erased all or most of their weekly gains.
Continue reading for more on today's market, including:
Wall Street sees 200% upside for this drug stock. Inside the GoPro earnings reaction. Options bulls could be missing out on this hot mining stock. Plus, 3 sharp stock sell-offs; a pharma name for bulls; and how to use a Schaeffer's favorite.The Dow Jones Industrial Average (DJI - 25,170.07) fell 220.2 points, or 0.9%, with just three of the 30 Dow components ending in the black. Walmart (WMT) led the way with a 1.1% rise. DowDuPont (DWDP) and Apple (AAPL) were the biggest losers, closing down 1.9%.
The S&P 500 Index (SPX - 2,706.05) suffered a 25.6-point, or 0.9%, defeat, and the Nasdaq Composite (IXIC - 7,288.35) lost 86.9 points, or 1.2%.
The Cboe Volatility Index (VIX - 16.27) picked up 1 point, or 6.4%.
5 Items on our Radar Today
Congressional Democrats today unveiled their Green New Deal as a plan to combat climate change. The plan aims to achieve net-zero greenhouse emissions within 10 years, while boosting the U.S. economy. (NPR)Amazon has made "significant investments" in self-driving company Aurora. Aurora was founded in 2016, and is valued at over $2.5 billion. Separately, Woody Allen is suing Amazon Studios for breach of contract, after the firm backed out of a distribution deal amid the #MeToo movement. (USA Today; MarketWatch) 3 sharp sell-offs today. This pharma stock may present a buying opportunity. How to use one of our favorite options readings as a sentiment tool.
Data courtesy of Trade-Alert
Losing Streak Continues for Gold
Oil prices fell today on demand jitters and headlines of a potential supply increase in Libya. March-dated crude futures closed down $1.37, or 2.5%, at $52.64 per barrel.
Gold's slide continued today amid more dollar strength. Gold set for April delivery settled down 20 cents at $1,314.20 an ounce, marking the fifth straight loss for a most-active contract.