The blue-chip index snapped a six-session win streak with a 533-point loss today
Stocks extended their recent selloff today, with investors hitting the e-brake on summer gains. The Dow snapped a six-day win streak with a 533-point drop, its worst single-session decline since May 23. The S&P 500 finished deep in the red as well, while the Nasdaq logged a second-straight triple digit loss as the tech rotation intensified. As profit taking grips Wall Street, the Cboe Volatility Index (VIX) rattled off its fourth-straight win and highest close since April 24.
Continue reading for more on today's market, including:
- 3 airline stocks grounded lately.
- Not even an upgrade could save Gap stock today.
- Plus, tech rotation fallout; a beauty stock with upside; and Microsoft's bull signal.
5 Things to Know Today
- Federal Reserve's 'beige book' paints a bleak picture. (MarketWatch)
- European Central Bank (ECB) may not be done cutting interest rates. (Bloomberg)
- 2 stocks impacted by the tech rotation.
- elf Beauty stock has contrarian potential. cx
- Time to buy the dip on Microsoft?
Commodities Cool as Stock Selloff Takes Centerstage
Oil prices were more muted today. August-dated West Intermediate (WTI) crude lost three cents to settle at $82.82 per barrel.
Gold prices cautiously rose today, as momentum for a September rate hike reaches full team. August-dated gold futures were mostly flat, last seen near a record $2,457 an ounce for the day.