Dow Jones Industrial Average Tanks 274 Points as Cisco, Trump Turmoil Weigh

The VIX surged higher today as uncertainty rattled the stock market

Emma Gilkey
Aug 17, 2017 at 4:33 PM
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The Dow Jones Industrial Average (DJIA) ended its four-day winning streak today, moving sharply lower in response to disappointing earnings from Wal-Mart (WMT) and Cisco Systems (CSCO). Traders also cast a wary eye on continued political uncertainty in the wake of President Trump's widely criticized Charlottesville response, with rumors swirling of another staffing shake-up at the White House. Against this backdrop, stocks turned south, while safe-haven gold futures racked up another win.

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

The Dow Jones Industrial Average (DJIA - 21,750.73) ended drastically lower, with a loss of 274.1 points, or 1.2%. All of the Dow's 30 stocks ended lower, led by a 4% post-earnings plunge for CSCO.

The S&P 500 Index (SPX - 2,430.01) lost 38.1 points, or 1.5%. The tech-heavy Nasdaq Composite (COMP - 6,221.91) also ended lower, dropping 123.2 points, or 1.9%.

The CBOE Volatility Index (VIX - 15.55) roared higher, gaining 3.8 points, or 32.5%, to notch its highest close in a week.

Closing Indexes Summary August 17

NYSE & Nasdaq August 17

5 Items on Our Radar Today

  1. Police have confirmed a terrorist attack in Barcelona, Spain, for which ISIS is claiming credit. The attack happened around 5:30 in the evening local time, reportedly killing 13 and leaving more than 50 injured. Civilians have been instructed to avoid the Las Ramblas area of central Barcelona, a popular tourist spot, until further notice. (Bloomberg)
  2. The White House denied rumors that National Economic Council Director Gary Cohn is resigning, after the Goldman Sachs executive was reportedly "appalled" by Trump's controversial Tuesday press conference. "Nothing has changed," the White House said in a statement. (CNBC)
  3.  Options players are eyeing 2 Apple suppliers.
  4.  3 tech stocks that got the analyst nod.
  5.  Why call buyers should consider Flex stock.

Corporate Earnings Chart August 17


Unusual Options Activity August 17
Data courtesy of Trade-Alert

Commodities

Oil prices broke from stocks, recovering some of their recent oversupply-related losses. September-dated crude futures finished up $0.31, or 0.7%, at $47.09 a barrel.

Gold rose for a second day in a row, with political and policy uncertainty giving the precious metal a safe-haven boost. December-dated gold futures rose 0.7%, or $9.50, to settle at $1,292.40 per ounce.

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