Worries over ongoing trade war impacts rattled investors for the second day in a row
Ongoing trade war worries after a big ISM manufacturing data miss sent the Dow to a 494-point loss today, with the index breaching its 50-day moving average in the process -- just as the S&P did to start the month on Tuesday. Ahead of the ISM non-manufacturing index due out Thursday and the marquee jobs report that wraps up the week on Friday, sluggish ADP data stirred up more anxieties over a possible recession, and only worsened Wall Street's risk-off mood.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,078.62) dropped 494.4 points, or 1.9%. Johnson & Johnson (JNJ) was the only gainer today, up 1.5%, while the 29 losers were led by Walgreens Boots Alliance (WBA), with a 3.4% drop. Today marks the Dow's biggest point loss since Aug. 23, when it fell 623.3 points.
The S&P 500 Index (SPX - 2,887.61) ended 52.6 points lower, or 1.8%, while the Nasdaq Composite (IXIC - 7,785.25) closed down 123.4 points, or 1.6%. The Nasdaq closed today below its 160-day moving average for the first time since Aug. 23.
The Cboe Volatility Index (VIX - 20.56) added 2 points, or 10.8%. This is the VIX's first close above 20 since Aug. 15.
5 Items on Our Radar Today
- It was announced today that Democratic presidential candidate Bernie Sanders will be cancelling all appearances until further notice, due to a procedure the senator had to undergo for a blocked artery. Campaign advisor Jeff Weaver said Sanders was "conversing and in good spirits," following the procedure. (CNBC)
- The Bayou Steel Group in LaPlace, Louisiana unexpectedly closed one of its factories today, laying off 376 employees. The company cited "unforeseen circumstances and the inability to secure necessary capital” as its reason for shutting down the factory, and Louisiana Governor John Bel Edwards noted the company is "particularly vulnerable to tariffs." (MarketWatch)
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Data courtesy of Trade-Alert
Oil Keeps Sinking as Supplies Build
Oil prices hit a new two-month low, sinking on economic fears and a bigger-than-forecast rise in U.S. crude stockpiles. November-dated crude futures shed $0.98, or 1.8%, to settle at $52.64 per barrel.
Gold futures tacked on their second straight win, ending back above the landmark $1,500 level as equity markets continued their plummet. Gold for December delivery rose $18.90, or 1.3%, to settle at $1,507.90 an ounce.