VIX Roars as Stocks Get Pummeled
The Dow is in the middle of its worst losing streak since August
The Dow was down more than 500 points at its session low, before settling with a 453-point thud, its worst single-session drop since since Oct. 2. It was the blue-chip index's fifth straight decline, marking its longest losing streak since early August, ascoronavirus panic intensified. The S&P 500 and Nasdaq also sold off sharply, the latter suffering its worst day since Aug. 23. As U.S. equities sank, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), sounded a rare signal, and logged its highest close since Oct. 9.
Continue reading for more on today's market, including:
Options traders blasted these 3 stocks.History says buy the dip on this software stock.Plus, more trouble for ROKU; ISRG downgraded; and BYND bucks the broad-market sell-off.The Dow Jones Industrial Average (DJI - 28,535.80) plummeted 453.9 points, or 1.6%. Walmart (WMT) led the six winnerswith a 1.3% win, while Intel (INTC) paced the 24 laggards with a 4.1% drop.
The S&P 500 Index (SPX - 3,243.63) shed 51.8 points, or 1.6%,while the Nasdaq Composite (IXIC - 9,139.31) finished 175.6 points, or 1.9%, lower.
The Cboe Volatility Index (VIX - 18.23) gained 3.7 points, or 25.2%.
5 Items on Our Radar Today
U.S. new home sales fell in December by 0.4% to a seasonally adjusted annual rate of 694,000 units, the third straight monthly decline. Mortgage rates remain low though, so the overall health of the housing market remains favorable. (Reuters)Casper Sleep, which makes custom beds, set the terms for its initial public offering (IPO) today. The company -- which will trade under the ticker "CSPR" on the New York Stock Exchange -- will offer 8.4 million shares priced at $17 to $19 each, falling short of the $1 billion valuation goal from Casper's CEO Philip Krim. (MarketWatch)Roku stock could be headed for more trouble.ISRG option volume ran hot after a downgrade.Beyond Meat just scored a big deal with Denny's.
Data courtesy of Trade-Alert
Gold Breaks Out For Highest Close Since 2013
Oil logged its fifth straight loss today, as investors brace for a slowdown in energy demand amid the spreading coronavirus.March-dated crude futures lost $1.05, or 1.9%, to settle at $53.14 per barrel, its lowest close since Oct. 15.
Gold prices continued to roar higher, as investors flocked to safe-haven assets. February gold futures gained $5.50, or 0.4%, to end at $1,577.40 an ounce, their highest close since 2013.