All three indexes had their worst days since Jan. 3
Stocks fell into the red at the open, as troubling eurozone manufacturing data amplified concerns of a slowing global economy. The selling pressure only intensified by midday, as disappointing U.S. factory data and a rare inverted yield curve -- typically seen as a pre-recession signal -- spooked an already-shaky Wall Street. By the time the dust settled, the Dow, S&P 500, and Nasdaq had all erased their weekly gains, and were staring at their biggest daily losses since Jan. 3.
Continue reading for more on today's market, including:
- This Nasdaq alarm is sounding for the first time in 10 years.
- This retail stock just flashed a technical warning sign.
- Plus, another upgraded Apple supplier; why bears blasted this Turkey ETF; and more bull notes for Chipotle.
The Dow Jones Industrial Average (DJI - 25,502.32) closed near its session lows, down 460.2 points, or 1.8%. Nike (NKE) led 26 Dow decliners with its 6.6% post-earnings slump, while Verizon (VZ) paced the four advancers with its 2.5% gain. For the week, the Dow gave back 1.3%.
The S&P 500 Index (SPX - 2,800.71) shed 54.2 points, or 1.9%, to land right at the key 2,800 level, while the Nasdaq Composite (IXIC - 7,642.67) surrendered 196.3 points, or 2.5%. Week-over-week, the SPX and IXIC slipped 0.8% and 0.5%, respectively.
The Cboe Volatility Index (VIX - 16.48) popped 2.9 points, or 20.9% -- its biggest daily advance since Dec. 4. The market's "fear gauge" surged 27.9% on the week.
5 Items on our Radar Today
- The U.S. racked up its biggest monthly budget deficit to date in February, logging a record $234 billion shortfall. According to the Treasury Department, total spending reached $401 billion last month, while the U.S. brought in just $167 billion. Year-over-year, the budget deficit surged 39%. (MarketWatch)
- Existing home sales were a bright spot on the economic radar, surging 11.8% in February -- its swiftest pace since 2015 -- to a seasonally adjusted annual rate of 5.51 million. This was more than analysts were expecting, and was due in part to low mortgage rates and strong single-family home sales in the South and West. (Bloomberg)
- This Apple supplier was the latest to get an analyst upgrade.
- Why options bears blasted this Turkey ETF.
- Chipotle stock received its third bullish brokerage note of the week earlier.
Data courtesy of Trade-Alert
Gold Nabs Third Straight Weekly Win
Oil lost ground today, as disappointing economic data at home and abroad sparked concerns of easing global crude demand. By the close, May-dated crude was down 94 cents, or 1.6%, at $59.04 per barrel. Comparing front-month contracts, oil prices added 0.9% this week.
Gold benefited from its safe-haven status, with the April contract climbing $5, or 0.4%, to settle at $1,312.30 an ounce. For the week, the gold prices rose 0.7% -- marking their third straight weekly win.