Dow Jones Industrial Average, SPY Breach Critical Levels as Stocks Slump

How We Trade RMI Buy and Sell Signals

by Josh Selway

Published on Mar 8, 2016 at 4:22 PM
Updated on Mar 8, 2016 at 4:24 PM

The Dow Jones Industrial Average (DJIA) experienced its first loss in six trading days, giving back the 17,000 level in the process. Disappointing trade data out of China sent the Dow reeling early today, while an afternoon rally attempt was short-lived. Falling crude futures also weighed on stocks -- just a day after oil prices hit a 2016 peak. The Dow didn't struggle alone though, as the SPDR S&P 500 ETF Trust (SPY) also sunk below a key century level


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

The Dow Jones Industrial Average (DJIA - 16,964.10) was in the red nearly the entire session, giving back 109.9 points, or 0.6%, to fall below the closely watched 17,000 level. Microsoft Corporation (NASDAQ:MSFT) led the nine Dow winners with a 1.2% advance. The 21 blue-chip losers were paced by Caterpillar Inc. (NYSE:CAT), which dropped over 4%. 

The S&P 500 Index (SPX - 1,979.26) slid 22.5 points, or 1.1%, snapping its own five-session win streak. The Nasdaq Composite (COMP - 4,648.83) closed with a 59.4-point, or 1.3%, loss. 

The CBOE Volatility Index (VIX - 18.67) added 1.3 points, or 7.6%. The "fear gauge" has now closed below its 20-day moving average for 15 straight sessions. 

160308recap1

160308recap2

5 Items on Our Radar Today:

  1. Home Depot Inc (NYSE:HD) will pay out over $19 million to consumers as a result of the company's massive data breach from back in 2014. The incident affected more than 50 million shoppers. HD also announced it's taking several steps to improve its cybersecurity protocol. (Reuters)

  2. Ahead of primary results from key states such as Mississippi and Michigan, House Speaker Paul Ryan called Republican presidential candidates Donald Trump and Ted Cruz to discuss a "bold conservative policy agenda." The Speaker is expected to contact candidates John Kasich and Marco Rubio, too.  (CNBC)

  3. The tech stock almost no one on Wall Street is touching

  4. The biotech stock that shrugged off a sector slump.


160308recap3



160308recap4

Data courtesy of Trade-Alert

Commodities:

Oil futures dropped, as traders anticipate a rise in crude inventories when government data is released on Wednesday. Meanwhile, Kuwait's lack of enthusiasm for a production freeze didn't help matters. Crude oil for April delivery fell $1.40, or 3.7%, to $36.50 per barrel. 

Despite the weakness in stocks, gold futures also closed lower. The April-dated contract gave back $1.10, or 0.1%, to land at $1,262.90 per ounce. 


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Look Who's Going Bankrupt Next in America
Porter Stansberry is making a concerning prediction.
Apparel Name Boosted By Earnings Beat
Three analysts have moved their price targets down to $60
Black & Decker Withdraws 2020 Guidance, Cuts Non-Essential Staff
Black & Decker said it would reduce any non-essential staff and decided to withdraw its 2020 forecast
Look Who's Going Bankrupt Next in America
Porter Stansberry is making a concerning prediction.