The Dow is in the middle of its worst losing streak since August
The Dow was down more than 500 points at its session low, before settling with a 453-point thud, its worst single-session drop since since Oct. 2. It was the blue-chip index's fifth straight decline, marking its longest losing streak since early August, as coronavirus panic intensified. The S&P 500 and Nasdaq also sold off sharply, the latter suffering its worst day since Aug. 23. As U.S. equities sank, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), sounded a rare signal, and logged its highest close since Oct. 9.
Continue reading for more on today's market, including:
- Options traders blasted these 3 stocks.
- History says buy the dip on this software stock.
- Plus, more trouble for ROKU; ISRG downgraded; and BYND bucks the broad-market sell-off.
The Dow Jones Industrial Average (DJI - 28,535.80) plummeted 453.9 points, or 1.6%. Walmart (WMT) led the six winners with a 1.3% win, while Intel (INTC) paced the 24 laggards with a 4.1% drop.
The S&P 500 Index (SPX - 3,243.63) shed 51.8 points, or 1.6%, while the Nasdaq Composite (IXIC - 9,139.31) finished 175.6 points, or 1.9%, lower.
The Cboe Volatility Index (VIX - 18.23) gained 3.7 points, or 25.2%.
5 Items on Our Radar Today
- U.S. new home sales fell in December by 0.4% to a seasonally adjusted annual rate of 694,000 units, the third straight monthly decline. Mortgage rates remain low though, so the overall health of the housing market remains favorable. (Reuters)
- Casper Sleep, which makes custom beds, set the terms for its initial public offering (IPO) today. The company -- which will trade under the ticker "CSPR" on the New York Stock Exchange -- will offer 8.4 million shares priced at $17 to $19 each, falling short of the $1 billion valuation goal from Casper's CEO Philip Krim. (MarketWatch)
- Roku stock could be headed for more trouble.
- ISRG option volume ran hot after a downgrade.
- Beyond Meat just scored a big deal with Denny's.
Data courtesy of Trade-Alert
Gold Breaks Out For Highest Close Since 2013
Oil logged its fifth straight loss today, as investors brace for a slowdown in energy demand amid the spreading coronavirus. March-dated crude futures lost $1.05, or 1.9%, to settle at $53.14 per barrel, its lowest close since Oct. 15.
Gold prices continued to roar higher, as investors flocked to safe-haven assets. February gold futures gained $5.50, or 0.4%, to end at $1,577.40 an ounce, their highest close since 2013.