Just 3 Dow components ended higher, with CSCO's analyst-induced sell-off pacing the losers
The
Dow Jones Industrial Average (DJIA) spent the whole day in the red, pressured by
an analyst-induced sell-off for networking stock Cisco Systems, Inc. (NASDAQ:CSCO). Additionally, stocks reacted to
disappointing manufacturing data from overseas -- which overshadowed
a strong reading on the service sector on the homefront -- as well as
a new regulatory hurdle to corporate tax loopholes. By the close, the Dow was off more than 100 points, while the
CBOE Volatility Index (VIX) had surged more than 9%.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,603.32) was off 157 points at its session low, before settling down 133.7 points, or 0.8%. Twenty-seven of the Dow's 30 components closed lower, paced by CSCO's 2% decline. PFE's 2.1% gain led the three advancers.
The S&P 500 Index (SPX - 2,045.17) gave back 21 points, or 1%, to close south of its 10-day moving average for the first time since Feb. 12. The Nasdaq Composite (COMP - 4,843.93), meanwhile, surrendered 47.9 points, or 1%.
The CBOE Volatility Index (VIX - 15.42) tacked on 1.3 points, or 9.2%, to notch its first settlement north of its 20-day moving average since Feb. 16.
5 Items on Our Radar Today:
- President Barack Obama held a press conference earlier to follow up on the action taken by the U.S. Treasury Department on Monday to curb corporate tax inversions. Specifically, Obama urged Congress to close tax loopholes -- which he called "insidious -- that encourage the practice. (ABC News)
- Paypal Holdings Inc (NASDAQ:PYPL) has withdrawn plans to build a $3.6 million operations center in Charlotte, North Carolina, due to the state's controversial new bathroom law, which is widely viewed as being anti-gay. In a statement, PYPL President and CEO Dan Schulman said, "This decision reflects PayPal’s deepest values and our strong belief that every person has the right to be treated equally, and with dignity and respect." (USA Today)
- Despite much-hyped disapproval from Republican presidential candidate Donald Trump, Ford Motor Company (NYSE:F) unveiled the location for its new factory. Trump, in turn, called the move "an absolute disgrace."
- Wall Street continued to weigh in on struggling PulteGroup, Inc. (NYSE:PHM).
- Is it time to shop for Abercrombie & Fitch Co. (NYSE:ANF) options?
Data courtesy of Trade-Alert
Commodities:
It was a push-and-pull session for crude futures. By the close, though, May-dated crude futures were up 19 cents, or 0.5%, at $35.89 per barrel, on reports Kuwait said major oil producers will agree to freeze output, with or without Iran.
Gold benefited from its safe-have status today, as well as a weakening dollar. At session's end, gold for June delivery was up $10.30, or 0.8%, at $1,229.60 per ounce.
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