Tech Tumble Hits Nasdaq; Dow Jones Industrial Average Dips

After a record close yesterday, the Dow Jones Industrial Average (DJIA) dropped more than 100 points out of the gate, but stemmed its losses by the close. A FAANG sell-off dug into the Nasdaq Composite (COMP), which is pacing for a second straight weekly loss -- something the COMP has suffered just one other time since the U.S. presidential election. But tech stocks weren't the only group swimming in red ink; Nike stock paced the blue-chip losers, and energy stocks declined as crude oil futures fell to a seven-month low. Stock traders also digested the latest economic data, and continued to process the Fed's rate-hike decision and hawkish tone. 

• 2 airline stocks flashing "buy."
• The latest scandal rocking Wells Fargo.
• Behind the biggest exodus of tech bulls in over a year.
• Plus, Whole Foods stock dragged down; 2 tech stocks to buy on the dip; and a big win for Microsoft options traders.

The Dow Jones Industrial Average (DJIA - 21,359.90) settled with a 14.7-point, or 0.07%, loss, but was well off its session lows at the close. Nike paced the 17 Dow decliners with its 3.2% loss, while General Electric shares led the 13 advancers with its 1.7% gain.

The S&P 500 Index (SPX - 2,432.46) closed down 5.5 points, or 0.2%, while the Nasdaq Composite (COMP - 6,165.50) gave up 29.4 points, or 0.5%.

The CBOE Volatility Index (VIX - 10.90) hit an intraday high of 12.01 -- at which point it was pacing for its biggest daily gain since mid-May -- but ultimately settled 0.3 point, or 2.4%, higher.

1. Fiat Chrysler issued recalls for 297,000 minivans in North America, citing a wiring issue that may lead to inadvertent driver-side air bag deployments. The recall will begin late July, with dealers replacing wiring and adding protective covering. (Reuters)
2. U.S. weekly jobless claims fell more than estimated, dropping 8,000 to 237,000. The claims have been below 300,000 now for 119 straight weeks, the longest stretch since 1970. (CNBC)
3. Whole Foods stock got dragged into the red by Kroger.
4. 2 tech stocks to buy on the dip.

5. How Microsoft stock made weekly options traders big winners.

Data courtesy of Trade-Alert

Commodities

Oil slipped today, amid continued concerns of a global supply glut and a strengthening U.S. dollar. By the close, July-dated crude futures fell 27 cents, or 0.6%, to $44.46 per barrel -- a seven-month low.

The strengthening greenback sent gold to its lowest point in three weeks today, while the downside was also fueled by expectations the Fed will raise interest rates again this year. August-dated gold futures fell $21.30, or 1.7%, to settle at $1,254.60 an ounce.