Dow Jones Industrial Average Slumps 140

Apple's Losing Streak Snapped; Plus, 3 Crumbling Oil Stocks

by Kirra Fedyszyn

Published on May 3, 2016 at 4:24 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) spent today's session in the red, dropping as much as 220 points around midday. Global growth worries sparked by disappointing manufacturing data out of China helped fuel the sell-off, while oversupply concerns continued to weigh on crude oil. Elsewhere, the U.S. dollar rebounded after Atlanta Fed President Dennis Lockhart said a June rate hike was "a real option," but couldn't offset losses among the energy and financial sectors. Against this backdrop, the Dow logged a triple-digit loss -- and erased its weekly lead.

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

The Dow Jones Industrial Average (DJIA - 17,750.91) gave up 140.3 points, or 0.8%. Pfizer Inc. (NYSE:PFE) led just five of the 30 components higher, adding 2.7% on a well-received earnings report. United Technologies Corporation (NYSE:UTX) paced the 25 laggards with a 2.2% loss. 

The S&P 500 Index (SPX - 2,063.37) ended 18.1 points, or 0.9%, lower, while the Nasdaq Composite (COMP - 4,763.22) shed 54.4 points, or 1.1%.

The CBOE Volatility Index (VIX - 15.60) climbed 0.9 point, or 6.3%.

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5 Items on Our Radar Today:

  1. Sony Corp (ADR) (NYSE:SNE) has reportedly filed a patent for a "contact lens camera." This smart lens would allow the wearer to take photos by blinking their eye, and store the images on a connected wireless device. Sony is not the first company to patent of this type of idea. Google -- which has since been moved under the Alphabet Inc (NASDAQ:GOOGL) umbrella -- filed a patent for a contact lens camera in 2014. (CNBC)
  2. Prosecutors are considering pressing more charges of securities fraud against ex-Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc (OTCMKTS:KBIOQ) CEO Martin Shkreli. A trial for the former drug executive is expected later this year or early next. (Reuters)
  3. Options bulls charged as Joseph Papa took the helm at Valeant Pharmaceuticals Intl Inc (NYSE:VRX).
  4. How this drugmaker's earnings reaction could send bears running for the exits.
  5. Weekly options were hot ahead of Fitbit Inc's (NYSE:FIT) earnings report.

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Data courtesy of
Trade-Alert

Commodities:

Crude oil fell for the third session in a row, fueled by concerns of a supply glut after reports of increased production by the Organization of the Petroleum Exporting Countries (OPEC) members. June crude oil landed at $43.65 per barrel, down $1.13, or 2.5%.

Gold also slid, with June-dated gold futures finishing down $4.00, or 0.3%, at $1,291.80 an ounce. The drop -- which came amid a dollar rebound and in spite of a global equities sell-off -- brought an end to gold's six-session hot streak.

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