S&P Matches Great Recession Losing Streak; Dow Jones Industrial Average Dips

'Fear Gauge' Signal Not Seen Since '13; Plus, 4 Biotechs Go Bust

Nov 3, 2016 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) sank again amid ongoing pre-election fears, ahead of tomorrow's crucial nonfarm payrolls report. Stocks also reacted to a mixed round of economic data, and another downbeat session for crude oil prices. By session's end, the Dow was staring at a sixth consecutive loss, while the broader S&P 500 Index (SPX) and tech-heavy Nasdaq Composite (COMP) had made it eight straight daily drops -- something the SPX hasn't done since the 2008 Great Recession.

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

The Dow Jones Industrial Average (DJIA - 17,930.67) slipped 29 points, or 0.2%. Eleven of the Dow's 30 stocks settled in the green, led by a 1.6% pop at Walt Disney Co (NYSE:DIS). Of the remaining components, 18 finished lower -- with Pfizer Inc. (NYSE:PFE) the worst off, down 2.4% -- and Chevron Corporation (NYSE:CVX) flat.

The S&P 500 Index (SPX - 2,088.66) dove 9.3 points, or 0.4%, while the Nasdaq Composite (COMP - 5,058.41) surrendered the 5,100 level, shedding 47.2 points, or 0.9%.

The CBOE Volatility Index (VIX - 22.08) added 2.8 points, or 14.3%, for an eighth consecutive win -- and its highest finish since June 27.

Indexes closing summary November 3
NYSE and NASDAQ stats November 3

5 Items on Our Radar Today

  1. CIGNA Corporation (NYSE:CI) announced it will not expand its Obamacare coverage into more states, as originally intended, becoming the latest insurer to jilt the healthcare program. While the company's quarterly earnings came in above expectations, its government medical loss ratio expanded by 1.7 percentage points. (Reuters)
  2. The White House unveiled plans to establish nearly 50 electric vehicle charging networks spanning 35 U.S. states. The hope is that wider access to charging stations will spur adoption of electric vehicles, which has not lived up to expectations. (Reuters, via CNBC)
  3. Buyout buzz sent options traders streaming to this chipmaker.
  4. A pair of oil stocks that powered higher on earnings.
  5. Breaking down Facebook Inc's (NASDAQ:FB) earnings flop.

Quarterly Earnings November 3

Unusual Options Activity November 3
Data courtesy of Trade-Alert

Commodities:

Oil closed at a six-week low, pressured by a 1.2-million-barrel build at a Cushing, Oklahoma, delivery hub -- on top of ongoing fears the Organization of the Petroleum Exporting Countries (OPEC) will be unable to agree on a plan to curb output later this month. Specifically, crude for December delivery suffered a fifth straight decline, dropping 68 cents, or 1.5%, to land at $44.66 per barrel.

Gold retreated for the first time in three sessions, but managed to maintain its perch atop the round $1,300 level. By the close, December-dated gold was down $4.90, or 0.4%, to settle at $1,303.30 per ounce.

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