Brutal Earnings Drag Dow Jones Industrial Average to 2015 Loss

The $1.8B Loss That Crushed This Stock

Jul 23, 2015 at 4:30 PM
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The Dow Jones Industrial Average (DJIA) is stuck on repeat, falling for a third straight day with disappointing earnings once again to blame. The blue-chip barometer finds itself back in the red for 2015, as a more than 40-year low in jobless claims fueled expectations for a September rate hike from the Fed. Elsewhere, crude continued to move lower, while gold snapped its brutal losing streak.  

 

Continue reading for more on today's market, including:

 

 

The Dow Jones Industrial Average (DJIA - 17,731.95) got hammered again, falling as much as 146 points before closing 119.1 points, or 0.7%, below breakeven. Four of the 30 Dow components closed higher, led by Cisco Systems, Inc.'s (NASDAQ:CSCO) 1.7% gain. 3M Co's (NYSE:MMM) 3.8% earnings-induced drop paced the losers, as Travelers Companies Inc (NYSE:TRV) closed flat. 

 

The S&P 500 Index (SPX - 2,102.15) took a 12-point, or 0.6%, hit, as the tech-heavy Nasdaq Composite (COMP - 5,146.41) finished 25.4 points, or 0.5%, in the red.

 

The CBOE Volatility Index (VIX - 12.64) got a slight lift today -- and briefly topped 13 -- before closing 0.5 point, or 4.3%, higher. 

 

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5 Items on Our Radar Today:

 

  1. Jobless claims made a bigger impact than normal today, as the number of people applying for benefits hit its lowest level since 1973. Filings fell to 255,000 for the week -- 26,000 lower than the previous week. (MarketWatch
  2. Italian car maker Ferrari plans to file an initial public offering in the U.S. Details are still being worked out, but parent company Fiat Chrysler Automobiles NV (NYSE:FCAU) is expected to own 80% of the new company. (The New York Times)
  3. As bad as it's been, things may get worse for this oil-and-gas name.
  4. So now we have weekly VIX futures -- but can we go shorter?
  5. How this athletic apparel firm exploded to all-time highs

 

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Commodities:

 

Crude took another dive today, as concerns about a supply glut continued to weigh on prices. Crude for September delivery fell 74 cents, or 1.5%, to $48.45 per barrel -- an almost four-month low. 

 

Gold futures snapped their 10-session losing streak, rebounding from five-year lows. August-dated gold picked up $2.60, or 0.2%, to finish at $1,094.10 per ounce. 

 

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