Both the S&P 500 and Dow closed with their 6th daily loss
Stocks pulled back from their midday gains, though the Nasdaq managed a modest win, snapping its five-day losing streak. Both the blue-chip index and SPX logged a sixth-straight day of losses and ended at nearly two-year lows, with the latter marking its longest losing streak since February 2020 and earlier touching a fresh bear-market low. The Dow closed 125 points lower, this afternoon dropping below 29,000 for the first time in two years. Meanwhile, the 10-year Treasury yield is inching closer to 4% -- a level it hasn't seen since 2010.
Continue reading for more on today's market, including:
- How subscribers just made a notable profit on Spotify puts.
- Cloud concern seeing several layers of resistance on the charts.
- Plus, 2 EV stocks boosted today; and railroad concern hit with a downgrade.
The Dow Jones Average (DJI - 29,134.99) fell 125.8 points, or 0.4%. Salesforce.com (CRM) led the winners with a 1.8% rise, while McDonald's (MCD) was the worst performer with a 2.9% drop.
The S&P 500 Index (SPX - 3,647.29) dropped 7.8 points, or 0.2%, while the Nasdaq Composite (IXIC - 10,829.50) added 26.6 points, or 0.2%.
Lastly, the Cboe Volatility Index (VIX - 32.60) added 0.3 point, or 1%.
5 Things to Know Today
- Experts are tallying up the market losses from this selloff, saying that American's balance sheets could drop an overall $9.5 trillion to $10 trillion. (CNBC)
- A national referendum in Cuba, which contains over 400 articles, will allow same-sex couples to marry and adopt. (Marketwatch)
- Analyst praises EV name over its competition.
- Hertz Global announces new partnership.
- Underperforming railroad stock included in sector bear note.
There were no earnings of note today.
Oil, Gold Bounce Off Lows
Oil futures rebounded from their multi-month lows, after settling at their lowest finish since early January in yesterday's session. November-dated West Texas Intermediate (WTI) crude rose $1.79, or 2.3%, to settle at $78.50 a barrel as Hurricane Ian slows production.
Gold moved higher after two straight days of losses and their lowest level since April 2020. December gold climbed $2.80, or 0.2%, to settle at $1,636.20 per ounce.