Dow Jones Industrial Average Dives on Fed Jitters

A nervous energy gripped the Street today, as traders' pre-Fed anxiety steepened by the second. In fact, despite a brief tick higher at the open, the Dow Jones Industrial Average (DJIA) spent the entire session in the red, and was off triple-digits at one point. Also adding to the downbeat backdrop was a sell-off in energy names and the latest round of uninspiring Chinese economic data. Looking ahead, the market mayhem may just be getting started, considering the Fed's looming policy decision is just the cherry on top of a week ripe for an "explosive" move.

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

 

• Did M&A hopes help GoPro Inc (NASDAQ:GPRO) and Ambarella Inc (NASDAQ:AMBA) buck the day's bearish bias?
• The 2 mining stocks that can't catch a break.
• Should you 'Sell Rosh Hashanah, Buy Yom Kippur'?
• Plus ... The European Union (EU) strengthens its borders, General Electric Company (NYSE:GE) goes digital, and 3 energy stocks short sellers are circling. 

 

The Dow Jones Industrial Average (DJIA - 16,370.96) was off more than 102 points at its session low, before paring these losses to 62.1 points, or 0.4%. Twenty-five of the Dow's 30 components finished in the red, led by 1.2% drops for Cisco Systems, Inc. (NASDAQ:CSCO) and IBM (NYSE:IBM). Apple Inc. (NASDAQ:AAPL) paced the five advancers with its 1% gain.

The S&P 500 Index (SPX - 1,953.03) gave back 8 points, or 0.4%, while the Nasdaq Composite (COMP - 4,805.76) settled down 16.6 points, or 0.3%.

The CBOE Volatility Index (VIX - 24.25) bounced from the key 23.90 region, to add 1.1 points, or 4.5%.

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5 Items on Our Radar Today:

 

1. Many countries in the EU have begun initiating border controls, as a steady stream of migrants from the Middle East flows into the bloc. Over the weekend, Germany began setting up checks along its southern borders, and today, Austria, Slovakia, and the Netherlands announced similar plans. (The New York Times)
2. GE said it will bring its software and IT divisions under one roof, calling the unit GE Digital. Additionally, the blue chip announced the retirement of the head of its energy management arm, a unit expected to grow, thanks to the company's latest purchase. (Reuters)
3. Short interest surged on these 3 struggling energy names, but there's still plenty of room on the bearish bandwagon.
4. How Barron's sent Alibaba Group Holding Ltd (NYSE:BABA) and AAPL on two decidedly different paths.
5. Is predicting volatility really as complicated as it appears? Schaeffer's contributor Adam Warner investigates.

 

Commodities:

 

Concern about growth in China -- and a subsequent drop in demand -- sparked a sell-off in crude, with the October-dated contract surrendering 63 cents, or 1.4%, to settle at $44 per barrel. This was black gold's lowest close since Aug. 27.

 

Gold enjoyed a pre-Fed bounce today. By the close, gold for December delivery was up $4.40, or 0.4%, at $1,107.70 per ounce.