A Trump tweet sent oil prices to an 11th straight loss
The Dow sunk over 600 points today, and the tech-rich Nasdaq also gave up triple digits, as Apple (AAPL) stock plummeted after another iPhone supplier warning. In addition, fellow blue chip Goldman Sachs (GS) suffered steep losses, pacing a broader bank decline. Oil prices were also in the headlines today, erasing early gains after President Donald Trump tweeted that he hopes Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) "will not be cutting oil production." As such, black gold suffered a never-before-seen 11th straight decline. Against this backdrop, the VIX -- or Wall Street's "fear index" -- surged nearly 18%.
Continue reading for more on today's market, including:
- Options traders expect a big earnings reaction from this weed stock.
- 2 California power providers slammed during "Camp Fire" devastation.
- Analysts weighed in on Home Depot ahead of earnings.
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Plus, Coty rallied after CEO resignation; ACB struggled post-earnings; and the REIT attracting bullish analyst attention.
The Dow Jones Industrial Average (DJI - 25,387.18) sunk 602.1 points today, or 2.3%. Four of the 30 Dow stocks settled higher, with Verizon (VZ) leading with a 0.4% gain. Goldman Sachs, once again, was at the bottom of the list, giving back 7.5%.
The S&P 500 Index (SPX - 2,726.22) dropped 54.8 points, or 2% while the Nasdaq Composite (IXIC - 7,200.87) plummeted2.8%, or 206 points.
The Cboe Volatility Index (VIX - 20.45) added 3.1 points, or 17.8%.
5 Items on our Radar Today
- Twitter CEO Jack Dorsey said the company is considering an edit button to fix typos in tweets. However, Dorsey told an event in India, the social media service wants to prevent unlimited editing, so users can’t alter controversial statements at a later date. (The Next Web)
- President Trump said that "the prospect of Presidential Harassment" by the Democratic party, who will soon be taking over the House, was the cause of market woes. Analysts attribute the recent volatility to concerns about a trade war with China, declining oil prices, and the latest batch of earnings reports, among other things. (Marketwatch)
- COTY got a much needed leg up after CEO Camillo Pane's resignation.
- Aurora Cannabis kicked off an earnings-heavy week for pot stocks.
- Analyst: Buy this REIT stock after the recent volatility.
Data courtesy of Trade-Alert
Oil Prices Reverse Lower for 11th Straight Loss
Decaying oil prices set a new record, dropping for an 11th straight day -- the longest consecutive losing streak ever reported, per Dow Jones. Oil for December delivery was initially higher, but turned lower on Trump's tweet about OPEC, falling 26 cents, or 0.4%, to settle at $59.93 a barrel.
Gold prices fell even lower today, marking a three-day decline for the precious metal, as the U.S. dollar hit a 16-month high. December-dated gold futures fell $5.10, or 0.4%, to settle at $1,203.50 an ounce.