Though mired in the red for the majority of the session, the Dow Jones Industrial Average (DJI) didn't retreat to its intra-day worst of 13,473.31 until the last moments of trading. "It was another relatively quiet day for the market, although technology stocks continued to lag," remarked Schaeffer's Senior Equities Analyst Joe Bell. "Intel Corporation's (NASDAQ:INTC) was hit with a downgrade, which sent the shares surging lower. The trend of cutting guidance for this group continues and we are seeing a lot of underperformance. Energy and coal stocks really stepped up, though, and performed well."
Keep reading to see what else was on our radar today:
As the Dow Jones Industrial Average (DJI – 13,473.53) dove roughly 110.3 points just minutes before the closing bell, the index finished slightly higher than its session low. On the day, the Dow lost 110.1 points, or 0.8%, finishing below its 10- and 20-day moving averages for the first time since September 5. All but three of the 30 blue chips ended in negative territory, as Intel Corporation's (NASDAQ:INTC) analysts-related dip of 2.7% paced the losing issues. On the other hand, McDonald's Corporation (NYSE:MCD) led the winners with a 0.6% rise.
The S&P 500 Index (SPX – 1,441.48) ripped back 14.4 points, or nearly 1%, closing below its 20-day moving average for the first time in a nearly a week. The broad-market barometer also notched a close below its 10-week trendline for the first time since June 22.
The Nasdaq Composite (COMP – 3,065.02) turned in the worst performance of its fellow benchmarks, sawing off 47.3 points, or 1.5%, finding its lowest daily settlement since August 30. The tech-rich COMP also notched a close below its 10-week trendline for the first time since June 22.
The CBOE Market Volatility Index (VIX – 16.37) gained 1.3 points, or 8.3%, to find a foothold at its loftiest price since September 26, though the 80-day moving average hovers above.
Today's highlight: "Today, everyone's eyes were on third-quarter earnings, as they get started with Alcoa Inc. (NYSE:AA)," noted Bell. "Earnings are expected to decline for the first time since the third quarter in 2009, which makes it all the more heavily anticipated."
Not only did AA grab notable attention on Wall Street today, but so did tech behemoth Apple Inc. (NASDAQ:AAPL) ... Click here for more.
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