"Goldman Sachs downgraded U.S. equities to 'underweight' this morning, as they see risk of a 10% drawdown, and this may have pressured stocks lower," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "However, the S&P 500 Index (SPX) is still holding above December's lows, as well as its significant 40-day moving average." Meanwhile, some tapering comments made by a regional Fed president also weighed on the market, as the Dow Jones Industrial Average (DJI) suffered its lowest daily close since Dec. 20.
Continue reading for more on today's market, including:
After a brief stint in the black this morning, the Dow Jones Industrial Average (DJI - 16,257.94) gradually declined throughout the day, and ended up finishing 179.1 points, or 1.1%, lower. Merck & Co., Inc. (NYSE:MRK) was the Dow's sole advancer -- gaining 6.5% on encouraging news surrounding its blood clot-preventing treatment -- while Microsoft Corporation (NASDAQ:MSFT) paced the 29 laggards with a drop of 2.9%.
The S&P 500 Index (SPX - 1,819.20) charted a similar path as the Dow, and shed 23.2 points, or 1.3%, for the session. Meanwhile, the Nasdaq Composite (COMP - 4,113.30) fell 61.4 points, or 1.5%.
Elsewhere, the CBOE Volatility Index (VIX - 13.28) spent much of the morning in the red, but reversed course to close 1.1 points, or 9.4%, higher on the day.
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
The Case for Big Moves in IWM and QQQ
Featured Partners: AOL DailyFinance
© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: email@example.com
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.