The Dow Jones Industrial Average (DJI) fell triple digits right out of the gate today, dragged lower by dismal sales guidance from Visa Inc (NYSE:V). Things weren't much better on the tech side, with Amazon.com, Inc. (NASDAQ:AMZN) suffering a 10% swoon after confessing to a steeper-than-expected quarterly loss. Against this backdrop, an encouraging report on durable goods did little to sway the Street, with the Dow giving up its perch atop 17,000, and the S&P 500 Index (SPX) backing down from record highs.
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The Dow Jones Industrial Average (DJI - 16,960.57) gave up 123.23 points, or 0.7%, by the time the dust settled, as 23 of its 30 components ended in the red. V led the charge with a 3.6% drop, while Cisco Systems, Inc. (NASDAQ:CSCO) and Verizon Communications Inc. (NYSE:VZ) led the advancing elite with gains of 0.5% apiece. Intel Corporation (NASDAQ:INTC), meanwhile, finished flat. For the week, the Dow lost 0.8%.
The S&P 500 Index (SPX - 1,978.34) backpedaled 9.6 points, or 0.5%, all but wiping out its weekly advance. The Nasdaq Composite (COMP - 4,449.56) suffered a similar fate, shedding 22.6 points, or 0.5%, but maintaining a weekly gain of 0.4%.
The CBOE Volatility Index (VIX - 12.69) surged 0.9 point, or 7.2%, climbing back atop the 12 level. The "fear barometer" added 5.2% on the week.
5 Items on Our Radar Today:
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The Case for Big Moves in IWM and QQQ
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