Stocks plummeted after a tough day of earnings and a surge in bond yields
Despite a positive open, the Dow ended with a loss of more than 400 points, extending its losing streak to a fifth day -- the longest since March 2017. 3M (MMM) stock paced the blue-chip earnings losers, with Caterpillar (CAT) also reversing lower to end deep in the red. Meanwhile, a negative earnings reaction for Google parent Alphabet (GOOGL) and a broader tech slide dragged on the Nasdaq and S&P, and traders also watched the 10-year Treasury yield top 3% for the first time in four years.
Continue reading for more on today's market, including:
- 2 pharma stocks slammed by the FDA.
- FAANG stock that just sank ahead of earnings.
- This penny stock skyrocketed on reported Amazon interest.
- Plus, 2 home-improvement retailers attracting bullish attention; the dollar fund eyed for a big breakout; and the food-delivery stock on one hedge fund's radar.
The Dow Jones Industrial Average (DJI - 24,024.13) fell 424.6 points, or 1.7%, for the day. Verizon (VZ) was the biggest winner of the mere six gainers, surging 2.1% after earnings, while 3M was the biggest loser, falling a whopping 6.8%.
The S&P 500 Index (SPX - 2,634.56) lost 35.7 points, or 1.3%, while the tech-heavy Nasdaq Composite (IXIC - 7,007.35) shed 121.3 points, or 1.7%.
The Cboe Volatility Index (VIX - 18.02) picked up 1.7 points, or 10.3%, for the day.
5 Items on Our Radar Today
- According to a study done by Science magazine, Texas and Florida are the two U.S. states set to experience the most economic damage from climate change. In terms of gross domestic product (GDP), Texas is anticipated to lose $100.7 billion, while Florida has been slated for an even steeper $100.9 billion GDP loss. Climate change damage includes events such as hurricanes, tornadoes, storm surges, and rising crime rates. (MarketWatch)
- The price of a home in the U.S. surged 6.3% year-over-year in February, according to data from S&P CoreLogic Case-Shiller. The 20-city index increased 6.8%, marking a four-year high, with Seattle home values increasing the most. (Yahoo! Finance)
- Wells Fargo is bullish on these two home supplier stocks.
- Options traders eyed a big breakout for one dollar ETF.
- Hedge fund: GrubHub stock could rally more than 55%.
Data courtesy of Trade-Alert
Gold Ends Three-Day Loss as U.S. Dollar Weakens
Oil plummeted to its lowest finish in a week, after President Donald Trump hinted that the U.S. and France could soon reach an agreement on the Iran nuclear deal. June-dated crude finished the session down 94 cents, or 1.4%, at $67.70 per barrel.
A lower dollar and a renewed appetite for "safe haven" assets pushed gold higher, snapping a three-day losing streak. June-dated futures finished up $9, or 0.5%, to settle at $1,330 per ounce.