Microsoft was the worst Dow stock today, offsetting a big day for GE
The Dow finished over 300 points lower, reversing course after trading up as much as 244 points. The blue-chip benchmark appeared poised to extend Monday's gains on a big day from General Electric (GE), but ultimately was burned in afternoon trading by a severe drop in tech stocks. The tech-rich Nasdaq fared even worse than the Dow and S&P 500, with Facebook (FB) shares under mounting pressure amid reports CEO Mark Zuckerberg agreed to testify in front of Congress.
Continue reading for more on today's market, including:
- What the VIX's record start to 2018 means for stocks.
- Buy calls on this pharma stock, if past is prologue.
- 3 drug stocks that made big moves today.
- Plus, the best stocks for April; a GameStop earnings preview; and a bank stock that could lose steam.
The Dow Jones Industrial Average (DJI - 23,857.71) finished 344.9 points, or 1.4%, lower. GE was the biggest gainer of the five Dow stocks finishing in positive territory, adding 4.2%. Microsoft (MSFT) was the worst of the other 25, shedding 4.6%.
The S&P 500 Index (SPX - 2,612.62) gave back 45.9 points, or 1.7%. The Nasdaq Composite (IXIC - 7,008.81) shed 211.7 points, or 2.9%.
The Cboe Volatility Index (VIX - 22.50) finished 1.5 points, or 7%, higher.
5 Items on Our Radar Today
- In the wake of a fatal self-driving Uber accident last week, chip company Nvidia (NVDA) halted its global self-driving tests today. The technology was tested in the U.S, Japan, and Germany, but the company said its "global fleet of manually driven data collection vehicles continue to operate." (CNBC)
- Ethereum, the cryptocurrency known as an alternative to bitcoin, fell to a four-month low earlier today. Bitcoin itself is also down today, falling below the $8,000 level -- which didn't help these blockchain stocks. (MarketWatch)
- Buy these stocks before April hits.
- GameStop options traders expect a big post-earnings move.
- This bank stock could a signaling a slowdown.
Data courtesy of Trade-Alert
Oil Dips, Gold Snaps 4-Day Win Streak
May-dated crude futures gave back 30 cents, or 0.5%, to end at $65.25 per barrel. Prices dipped ahead of an anticipated rise in U.S. weekly crude inventories tomorrow.
Gold futures for April delivery gave back $13, or 1%, to close at $1,342 an ounce, snapping a four-day winning streak and pulling back from multi-week highs.