Dow, S&P Snap Longest Monthly Win Streak in Decades

The Nasdaq left its monthly win streak at seven

Feb 28, 2018 at 4:29 PM
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The stock market experienced another late-day decline, dragging the major indexes into negative territory. The Dow, S&P 500 Index, and Nasdaq got off to strong starts fueled by tech and retail stocks, while investors also reacted to this morning's fourth-quarter GDP update. But a sharp drop in oil prices resulted in major weakness from the energy sector, and the selling pressure only intensified in the final hours of trading. Against this backdrop, the Dow and S&P both snapped their longest monthly winning streaks in decades -- and logged their biggest monthly losses since January 2016 -- while the Nasdaq suffered its first monthly decline in since June.

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

The Dow Jones Industrial Average (DJI - 25,029.20) got pounded in afternoon trading, sliding 380.8 points, or 1.5%, to land near session lows. In fact, only one Dow component closed in positive, with United Technologies (UTX) adding 0.6%. Caterpillar (CAT) stock suffered the biggest decline, dropping 4.1%. The blue-chip index closes the month with a 4.3% loss.

The S&P 500 Index (SPX - 2,713.83) fell 30.5 points, or 1.1%, and the Nasdaq Composite (IXIC - 7,273.01) fell 57.3 points, or 0.8%. The SPX lost 3.9% for the month, and the Nasdaq gave back 1.9%.

The Cboe Volatility Index (VIX -19.85) added 1.3 points, or 6.8%, bringing its monthly advance to 46.6% -- its best month since August 2015.

Closing Indexes Summary Feb 28

NYSE and Nasdaq Stats Feb 28

5 Items on Our Radar Today

  1. Reuters is reporting New York regulators have asked lenders for information on Trump administration adviser Jared Kushner and his family's real estate company. Kushner, who is also President Donald Trump's son-in-law, gave up his position at the company last year. (Reuters)
  2. Activist investor Bill Ackman today told CNBC he had closed out his famous short position on Herbalife (HLF) stock. HLF shares surged to a record high today. (CNBC)
  3. Inside Etsy stock's monster earnings rally today.
  4. Making a contrarian case for Best Buy stock before earnings.
  5. Why these stocks are overdue for bullish analyst attention.

 

Corporate Earnings Feb 28

Unusual Options Activity Feb 28

Data courtesy of Trade-Alert

Oil Prices Slide Amid of Inventory Data

April-dated crude futures fell $1.37, or 2.2%, to end at $61.64 per barrel, after domestic crude inventories rose more than expected. Oil dropped 4.8% for the month -- its first monthly decline since August.

Gold futures for April delivery fell 70 cents today to close at $1,317.90 per ounce. The metal fell 1.6% this month.

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