Sinking Tech Sector Drags Dow, Nasdaq Lower

Facebook CEO Mark Zuckerberg will reportedly testify before Congress

Managing Editor
Mar 27, 2018 at 4:25 PM
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The Dow finished over 300 points lower, reversing course after trading up as much as 244 points. The blue-chip benchmark appeared poised to extend Monday's gains on a big day from General Electric (GE), but ultimately was burned in afternoon trading by a severe drop in tech stocks. The tech-rich Nasdaq fared even worse than the Dow and S&P 500, with Facebook (FB) shares under mounting pressure amid reports CEO Mark Zuckerberg agreed to testify in front of Congress.

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

  • What the VIX's record start to 2018 means for stocks.
  • Buy calls on this pharma stock, if past is prologue.
  • 3 drug stocks that made big moves today.
  • Plus, the best stocks for April; a GameStop earnings preview; and a bank stock that could lose steam.

The Dow Jones Industrial Average (DJI - 23,857.71) finished 344.9 points, or 1.4%, lower. GE was the biggest gainer of the five Dow stocks finishing in positive territory, adding 4.2%. Microsoft (MSFT) was the worst of the other 25, shedding 4.6%.

The S&P 500 Index (SPX - 2,612.62) gave back 45.9 points, or 1.7%. The Nasdaq Composite (IXIC - 7,008.81) shed 211.7 points, or 2.9%.

The Cboe Volatility Index (VIX - 22.50) finished 1.5 points, or 7%, higher.

closing indexes summary march 27

nyse and nasdaq stats march 27

5 Items on Our Radar Today

  1. In the wake of a fatal self-driving Uber accident last week, chip company Nvidia (NVDA) halted its global self-driving tests today. The technology was tested in the U.S, Japan, and Germany, but the company said its "global fleet of manually driven data collection vehicles continue to operate." (CNBC)
  2. Ethereum, the cryptocurrency known as an alternative to bitcoin, fell to a four-month low earlier today. Bitcoin itself is also down today, falling below the $8,000 level -- which didn't help these blockchain stocks. (MarketWatch)
  3. Buy these stocks before April hits. 
  4. GameStop options traders expect a big post-earnings move.
  5. This bank stock could a signaling a slowdown.

corporate earnings march 27

unusual options volume march 27

Data courtesy of Trade-Alert

Oil Dips, Gold Snaps 4-Day Win Streak

May-dated crude futures gave back 30 cents, or 0.5%, to end at $65.25 per barrel. Prices dipped ahead of an anticipated rise in U.S. weekly crude inventories tomorrow. 

Gold futures for April delivery gave back $13, or 1%, to close at $1,342 an ounce, snapping a four-day winning streak and pulling back from multi-week highs.  

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