Recession fears are reaching a fever pitch
Another Monday, another market meltdown on Wall Street. The Dow and S&P 500 logged their worst single-session declines since Dec. 18 -- the former down over 1,000 points at its session lows. Big Tech drove the recession fears into overdrive, with the Nasdaq suffering its worst day since 2022.
The blue-chip index settled at its lowest level since Nov. 4, while the Nasdaq closed at its lowest level since Sept. 11. Losses accelerated into the closing bell, with investor momentum washing out in dramatic fashion. Against this backdrop, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), hit its highest level since Aug. 7.
Continue reading for more on today's market, including:
- Tech titan testing key trendline.
- Buy the dip on this bank stock.
- Plus, retail earnings to watch; Redfin zigs; and HLT flashing bull signal.
5 Things to Know Today
- It looks like the Fed will hold interest rates steady this month. (MarketWatch)
- Keep an eye on this Nvidia-backed startup. (Reuters)
- How Redfin stock won the day.
- 2 retail stocks in focus this week.
- Hilton Hotels stock could bounce back.
There were no notable earnings reports today.
Safe-Haven Asset Suffering From Profit Taking
Oil prices fell as well, with global trade tensions rearing their ugly head in commodities. The front-month contract, April-dated Texas Intermediate (WTI) crude, lost $1.01, or 1.5%, to settle at $66.03 a barrel on the day.
Despite swelling safe-haven demand, bullion fell victim to profit taking today. U.S. gold futures settled 0.1% lower at $2,910.90.