Dow Jones Industrial Average Blows Triple-Digit Lead, Suffers 239-Point Loss

The Dow Jones Industrial Average (DJIA) jumped to a triple-digit lead -- but it was all downhill from there. The blue-chip tracker turned negative just before midday and couldn't recover, squandering positive momentum from overseas as a decade-plus high in job openings exacerbated rate-hike fears ahead of next week's key Fed meeting. Not even Apple Inc.'s (NASDAQ:AAPL) much-hyped event offered solace, with the blue-chip tech titan turning lower -- and taking a few stocks with it along the way.

 

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

 

• The sentiment indicator that could be signaling a short-term rally, courtesy of Senior Quantitative Analyst Rocky White. 
• Why Netflix, Inc. (NASDAQ:NFLX) bucked the trend lower -- and snapped a seven-day losing streak. 
• The biotech that nearly doubled today -- and 3 others that imploded. 
• Plus ... More on the Apple reveal, Her Majesty makes history, and GoPro's ugly day.

 

The Dow Jones Industrial Average (DJIA - 16,253.57) appeared ready for another win, but eventually dropped 239.1 points, or 1.5%. Not a single Dow component closed in the black. Goldman Sachs Group Inc (NYSE:GS) came the closest, falling 0.1%. Chevron Corporation (NYSE:CVX) was the biggest loser with its 2.5% decline. 

The S&P 500 Index (SPX - 1,942.04) slid 27.4 points, or 1.4%. The Nasdaq Composite (COMP - 4,756.53) was close behind, giving back 55.4 points, or 1.2%, but remaining in the black year-to-date. 

The CBOE Volatility Index (VIX - 26.23) fell out of the gate, but ultimately reversed to add 1.3 points, or 5.3%. However, upside momentum was limited by the VIX's 10-day moving average. 

 

 

 

5 Items on Our Radar Today:

 

1. Apple Inc.'s (NASDAQ:AAPL) product unveiling event stole the headlines today. The tech giant announced a new iPhone line, unveiled the iPad Pro, and a major overhaul to the Apple TV platform, which now features Siri and its own app store. (The Verge) 
2. Her Majesty Queen Elizabeth II has become Britain's longest reigning monarch. Queen Elizabeth takes this proverbial throne from her great-great grandmother, Queen Victoria, after holding the position for more than 63 years. (The New York Times) 
3. These 3 Apple Inc. suppliers fell in step with the blue chip. 
4. Things were even worse for GoPro Inc (NASDAQ:GPRO) -- despite an Apple tie. 
5. How pre-earnings options traders are playing Lululemon Athletica inc. (NASDAQ:LULUL). 

 

 

 

Commodities:

 

It was an ugly day for crude, as oversupply concerns and a stronger U.S. dollar weighed on traders' minds. In addition, the Energy Information Administration (EIA) cut its oil forecast for 2015-2016. By the close, oil for October delivery dropped $1.79, or 3.9%, to close at $44.15 per barrel. 

 

Dollar-denominated gold also had a rough day -- along with other metals. December-dated gold gave back $19, or 1.7%, to close at $1,102 per ounce -- its lowest settlement in roughly a month.