The renewed wave of the coronavirus outbreak has investors hesitant
The Dow plummeted 943 points lower today for its fourth-straight loss, its worst losing streak since late February. Despite what's been a fairly positive third-quarter earnings season overall, the blue-chip index has shed over 1,800 points this week already. The S&P 500 and Nasdaq closed deep in the red as well, as Wall Street grapples with an international resurgence of coronavirus cases.
In Europe, tightening restrictions -- French President Emmanuel Macron just imposed a new nationwide lockdown -- has many concerned about global economic recovery. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its highest close since June 11.
Continue reading for more on today's market, including:
- Bulls target semiconductor stock after billion-dollar deal.
- The software giant ripe for analyst upgrades.
- Plus, FireEye's top-line beat; Boeing's slide lower; and Microsoft stock brushes off a revenue beat.
The Dow Jones Industrial Average (DJI - 26,519.95) fell 943.2 points, or 3.4%. Travelers (TRV) was the sole Dow gainer with a 2% win, while Microsoft (MSFT) landed at the bottom with a 5% loss.
Meanwhile, the S&P 500 Index (SPX - 3,271.03) dropped 119.7 points, or 3.5%, while the Nasdaq Composite (IXIC - 11,004.87) lost 426.5 points, or 3.7% for the day.
Lastly, the Cboe Volatility Index (VIX - 40.28) added 6.93 points, or 20.8%.
- Vanguard Logistics Services accused this London-based company, run by a former Uber executive, of stealing trade secrets. (Reuters)
- Total 2020 election spending is smashing records. Both the Republican and Democratic parties more than doubled the sum of the 2016 election, with one party spending a great deal more than the other. (CNBC)
- Analysts chimed in on faltering FireEye stock.
- Struggling blue chip brushed off an upbeat quarter.
- Tech giant attracted call volume after earnings.
Gold, Oil Close Sharply Lower
Oil futures finished lower as energy demand falls while U.S. stockpiles gain on a production surge. December-dated crude lost $2.18, or 5.5%, to settle at $37.39 a barrel.
Gold futures settled lower after investors turned to the U.S. dollar amid market turmoil. December gold fell $32.70, or 1.7%, to settle at $1,789.20 an ounce.