Stocks Sink After Trump Tariff Announcement

The VIX jumped to a two-week high

Managing Editor
Mar 1, 2018 at 4:24 PM
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The stock market got torched yet again today, as President Donald Trump's comments that the U.S. will implement tariffs on steel and aluminum imports starting next week overshadowed a more moderate congressional testimony from Fed Chair Jerome Powell. After trading in positive territory at midday, the Dow was down more than 586 points at its session low around 2:30 p.m. ET. And while the blue-chip index pared this deficit by the close, it still finished with its third straight day of 1% or more losses -- the longest such streak since January 2016. Against this backdrop, the VIX spiked to its highest point in two weeks.

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

  • Buy this retail stock before earnings next week.
  • The fitness stock that is crushing short sellers.
  • Put volume surged on this struggling chip stock.
  • Plus, a soaring healthcare stock; a winning U.S. Steel options trade; and the cloud stock at record highs.

The Dow Jones Industrial Average (DJI - 24,608.98) finished down 420.2 points, or 1.7%. Only four Dow components closed in positive territory, led by Coca-Cola's (KO) 0.5% gain. Boeing (BA) stock suffered the biggest decline, dropping 3.5%.

The S&P 500 Index (SPX - 2,677.67) fell 36.2 points, or 1.3%, and the Nasdaq Composite (IXIC - 7,180.56) fell 92.5 points, or 1.3%. Both indexes extended their losing streaks to three days.

The Cboe Volatility Index (VIX - 22.47) added 2.6 points, or 13.2%.

 

closing indexes summary march 1

 

nyse and nasdaq stats march 1

5 Items on Our Radar Today

  1. Kroger announced it will stop selling firearms and ammunition at its Fred Meyer stores to anyone under the age of 21. The grocery chain is the third major retailer this week to issue a similar statement, joining Walmart (WMT) and Dick's Sporting Goods (DKS). (Reuters)
  2. Music streaming company Spotify filed for its initial public offering (IPO) last night. The vastly popular streaming service -- which has a reported 71 million paid subscribers -- traded as high as $132.50 per share on the private market, which translates into a valuation of over $23 billion, per the number of shares outstanding, as of Feb. 22. (CNBC)
  3. The drug stock that doubled today.
  4. How U.S. Steel options traders profited off steel stock tailwinds.
  5. This cloud stock scored record highs after earnings.  

corporate earnings march 1

 

unusual options volume march 1

Data courtesy of Trade-Alert

Oil, Gold Prices Slide on Dollar Strength

April-dated crude futures fell 65 cents, or 1.1%, to end at $60.99 per barrel, the lowest settlement in two weeks, amid lingering concerns over a domestic supply glut. A stronger dollar also nudged black gold lower.

Gold futures for April delivery fell $12.70, or 1%, to close at $1,305.20 per ounce, its third straight loss and the lowest settlement of 2018. Fresh off its first monthly loss since October, anxiety over rate hikes also put pressure on the safe-haven asset.

 

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