The Dow shed a whopping 643 points
Stocks only deepened their losses on Monday afternoon, bringing the market's latest rally to a swift end. The Dow shed a whopping 643 points, while both the S&P 500 and Nasdaq finished deep in the red as well, with the former two indexes logging their worst day since June 16. Interest rate hike fears weighed on the tech sector, and investor anxiety may be ratcheted up all week, ahead of Federal Reserve Chairman Jerome Powell's Friday speech at the annual Jackson Hole symposium.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 33,063.61) shed 643.1 points, or 1.9% for the day. All 30 Dow members were lower today, with Intel (INTC) pacing the laggards with a 4.4% drop.
The S&P 500 Index (SPX - 4,137.99) fell 90.5 points, or 2.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,381.57) lost 323.6 points, or 2.6% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 23.80) added 3.2 points, or 15.5% for the day.
5 Things to Know Today
- AMC Entertainment (AMC) fell more than 30% today, building on its 26% loss for last week, after its rival Regal Cinemas warned of potential bankruptcy. (CNBC)
- Apple (AAPL) workers are demanding a more flexible work policy, after the tech giant called its employees to return to the office three days a week. (MarketWatch)
- Options bulls blasted this outperforming coal mining name today.
- This analyst downgraded DocuSign stock on near-term headwinds.
- Dick's Sporting Goods stock was popular with put traders pre-earnings.
There were no notable earnings reports today.
Gold Extends Losing Streak Ahead of Fed Comments
Oil prices settled lower on Monday, but managed to erase steeper losses due to tight crude supplies, as spare production capacity stands at historic lows. Meanwhile, natural gas prices surged to a 14-year high. October-dated crude, which is now the front-month contract, shed 8 cents, or almost 0.1%, to close at $90.36 per barrel on the day.
Gold prices were lower as well, extending their losing streak for their sixth consecutive session to close at their worst level since late July. Weighing on the safe-haven metal was a stronger U.S. dollar ahead of Fed Chairman Jerome Powell's comments this week. December-dated gold fell $14.50, or 0.8%, to close at $1,748.40 an ounce.