The S&P and Nasdaq also logged their worst losses in months
The Dow took a beating today, following China's retaliatory tariff hikes on $60 billion in U.S. goods. The index fell over 600 points by the end of the day, and marked its worst one-day percentage drop since early January. Tech and trade-sensitive stocks like Boeing (BA) were some of the hardest hit, and an inverted yield curve once again fueled fears of a recession. As such, the S&P and Nasdaq finished in the red, too -- with the latter suffering its worst day since December.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,324.99) lost 617.4 points, or 2.4%, in today's trading. Only Procter & Gamble (PG) eked out a win, with a 0.1% gain, while the other 29 components were swimming in red ink at the close, with Apple (AAPL) at the bottom of the list on a 5.8% loss.
The S&P 500 Index (SPX - 2,811.87) lost 69.5 points, or 2.4%, for its worst day since January, while the Nasdaq Composite (IXIC - 7,647.02) ended 269.9 points, or 3.4%, lower.
The Cboe Volatility Index (VIX - 20.55) rose 4.51 points, or 28.1%, marking its biggest one-day jump since October.
5 Items on our Radar Today
- Facebook will be lifting its hourly minimum wage for contractors located in high-cost areas, to as much as $20 from $15. The wage hike will extend to those living in New York, San Francisco, Seattle, and Washington, D.C. (CNBC)
- Hollywood actress and singer Doris Day passed away today. The Oscar nominee died in her home in Carmel, California, at the age of 97, after a bout of pneumonia. (Reuters)
- China's Alibaba saw a surge in call volume, despite the sell-off.
- This drug stock might double, according to one analyst.
- The newly minted e-tail stock getting flack after earnings.
Data courtesy of Trade-Alert
Gold Hits Monthly Highs on Safe-Haven Demand
Today's trade tensions overshadowed concerns surrounding attacks on oil tankers in the Middle East, sending the June-dated commodity down 62 cents, or 1%, to land at $61.04 a barrel.
Gold ended up again, hitting new one-month highs, as trade-war worries fueled a flight to "safe havens." June-dated gold enjoyed a $14.40, or 1.1%, spike today, to land at $1,301.80 an ounce.