Weak Chinese exports numbers and U.S. jobs data weighed on stocks today
The Dow plunged triple digits out of the gate, and remained in the red through the close. Stocks reacted to a round of dismal global economic data, including weak Chinese trade numbers and a dreary U.S. jobs report. Downgraded Exxon Mobil (XOM) was the worst blue chip today, with sinking oil prices only amplifying selling pressure on the energy giant.
The risk-off backdrop was seen on the S&P 500 and Nasdaq, too, with the former sinking further below 2,800 and the latter snapping its longest weekly win streak since the dot-com boom. What's more all three indexes brought their daily losing streaks to five -- the first time this has simultaneously occurred since November 2016, just ahead of the U.S. presidential election.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,450.24) was down 220 points at its intraday low, before paring this loss to 23 points, or 0.09%. Exxon Mobil (XOM) paced the 17 Dow decliners with its 1.4% drop, while Goldman Sachs (GS) led the 13 advancers with its 1.3% gain. For the week, the Dow fell 2.2%.
The S&P 500 Index (SPX - 2,743.07) slipped 5.9 points, or 0.2%, while the Nasdaq Composite (IXIC - 7,408.14) gave back 13.3 points, or 0.2%. Week-over-week, the SPX and Nasdaq declined 2.2% and 2.8%, respectively.
The Cboe Volatility Index (VIX - 16.05) topped the 18 mark in intraday action for the first time since late January, before swinging to a 0.5-point, or 3.3%, loss. On a weekly basis, the market's "fear gauge" jumped 18.3%.
5 Items on our Radar Today
- The Commerce Department said housing starts increased 18.6% in January to a seasonally adjusted rate of 1.23 million units -- more than analysts were expecting -- marking the first increase in five months. Single-family building permits, on the other hand, fell 2.1% to 812,000 units, the lowest level since August 2017. (CNBC)
- The U.S. women's national soccer team filed a lawsuit against the U.S. Soccer Federation for gender discrimination. The suit alleges the organization has "utterly failed to promote gender equality." (Reuters)
- BofA-Merrill Lynch thinks GameStop is headed to new lows.
- The CEO of this drink company said he was "truly sorry" for a dismal earnings report.
- Costco shares rallied hard on a positive earnings reaction.
Data courtesy of Trade-Alert
Oil Ekes Out Weekly Win, Despite Daily Drop
Oil prices came off their intraday lows after data showed the U.S. rig count fell for a third straight week, though concern over waning global energy demand kept April-dated crude down 59 cents, or 1%, to settle at $56.07 per barrel. For the week, oil added 0.5%.
Gold gained as traders made a beeline toward safe-haven assets. Gold for April delivery jumped $13.20, or 1%, to close at $1,299.30 an ounce -- bringing its weekly gain to 10 cents.