The Dow was up over 200 points at its session highs
The Dow finished with a steep triple-digit loss today. The blue-chip index traded over 200 points in the black at its session highs, but pared those midday gains later in the afternoon as the tech selloff intensified. The S&P 500 and Nasdaq both finished lower as well, with the latter especially restricted by Big Tech weakness. Amid the choppy price action, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), closed above the psychologically-significant 20 level today for the first time since Dec. 21.
Continue reading for more on today's market, including:
- Signal says buy the dip on Nike stock.
- See why this chip stock was buzzing today.
- Plus, two soaring homebuilding stocks; and no analyst love for eBay stock.
The Dow Jones Average (DJI - 36,113.62) shed 176.7 points, or 0.5% for the day. Boeing (BA) led the gainers today, adding 3%, and Microsoft (MSFT) paced the laggards with a 4.2% fall.
The S&P 500 Index (SPX - 4,659.03) lost 67.3 points, or 1.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,806.81) gave back 381.6 points, or 2.5%, for today's session.
Lastly, the CBOE Volatility Index (VIX - 20.31) gained 2.7 points, or 15.3% for the day.
- Tensions between Russia and Ukraine appear to be reaching a fever pitch, putting Europe on high alert. (Reuters)
- The Supreme Court struck down the Biden Administration's vaccine mandate for private businesses, but upheld the decision for medical facilities. (CNBC)
- This homebuilding stock is an early earnings season winner.
- Another home construction stock that soared today.
- Analysts remain hesitant toward eBay stock.
Gold, Oil Cool Off
Oil prices took a breather today in a bout of profit taking, even as the U.S. dollar continued to retreat. February-dated oil shed 52 cents or 0.6%, to finish at $82.12.
Gold snapped a four-day win streak today, taking their cues from the 10-year Treasury yield. February-dated gold fell $5.90, or 0.3%, to close at $1,821.40 per ounce.