Dow Jones Industrial Average, Nasdaq Plunge Ahead of Payrolls

The Dow Jones Industrial Average (DJIA) racked up its sixth loss in a row, buckling under the weight of crude's ongoing sell-off and a continuation of Walt Disney Co's (NYSE:DIS) post-earnings slide -- which sparked a mega-swoon among media names. Exacerbating the risk-off attitude were the latest unemployment numbers and anxiousness ahead of tomorrow's nonfarm payrolls report, which could pave the way for a September interest-rate hike. However, on a percentage basis, the Dow's triple-digit loss was nothing compared to the Nasdaq Composite (COMP), which fell by as much as 2%, pressured by biotechs and lackluster earnings.

 

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

 

• Has the media meltdown just begun? Find out here.
• A look inside this sector's long-term swoon.
• These 2 historic laggards were among the market's major winners.
• Plus ... Jobless claims inch up, Russia hacks the Pentagon, and the energy stock that broke out.

The Dow Jones Industrial Average (DJIA - 17,419.75) was down by as many as 178 points, and finished on a loss of 120.7 points, or 0.7% -- its sixth straight daily defeat, marking the longest losing streak since October. Chevron Corporation (NYSE:CVX) led a group of five blue-chip victors, with a 1.4% gain. Of the 25 Dow decliners, Microsoft Corporation (NASDAQ:MSFT) struggled the most, shedding 2%.

The S&P 500 Index (SPX - 2,083.56) was rejected by the 2,100 level, settling with a drop of 16.3 points, or 0.8%. Just a day after outperforming its peers, the Nasdaq Composite (COMP - 5,056.44) suffered the steepest downside move, giving back 83.5 points, or 1.6%.

The CBOE Volatility Index (VIX - 13.77) explored territory north of 14 for the first time this month, and ultimately ended on a gain of 1.3 points, or 10.1%.

 

 

 

 

5 Items on Our Radar Today:

 

1. The number of first-time jobless applications edged up 3,000 last week -- slightly less than expected. It was also the 22nd straight week in which claims registered below the 300,000 level, which is the longest stretch of its kind since 1972. (Bloomberg Business)
2. Russia reportedly hacked the Pentagon's Joint Staff unclassified email system in late July, impacting roughly 4,000 personnel. The "sophisticated cyberattack" has now kept the system offline for close to two weeks. (CNBC)
3. Will tomorrow's quarterly results fuel this biotech's bullish fire?
4. A rare breakout for this energy stock had option bulls licking their chops.
5. Making sense of Keurig Green Mountain Inc's (NASDAQ:GMCR) collapse.

 

 

 

 

Commodities:

 

Crude oil edged lower on fears of a global supply glut and concerns about China's economy. By day's end, the September-dated contract was off 49 cents, or 1.1%, to close at $44.66 per barrel -- the lowest settlement price in roughly five months.

 

Gold got a lift from a weaker dollar, as well as a retreat in global markets, which sparked safe-haven demand. At the close, December-dated gold was up $4.50, or 0.4%, at $1,090.10 per ounce.