Stocks Lower As Amazon Sinks Nasdaq

Upbeat economic data was overshadowed by more tech struggles

by Patrick Martin

Published on Mar 28, 2018 at 4:23 PM

The Dow finished a roller-coaster day in the red after trading on both sides of the aisle. Upbeat economic data had the Dow up earlier, but continued struggles from tech heavyweights such as Apple (AAPL) ultimately dragged the blue-chip benchmark into the red. The tech-rich Nasdaq once again fared the worst of the major indexes, dropping for a fifth time in six sessions, as Amazon (AMZN) stock tumbled amid reports the company is in the crosshairs of President Donald Trump. Both the Dow and Nasdaq will need a big day tomorrow to avoid their biggest monthly losses since January 2016. 

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

  • 3 airline stocks that could nosedive next month
  • The retail stock higher on Amazon's woes.
  • Why Tesla stock is on track for its worst month in years.
  • Plus, breaking down a bull put spread; a transport stock for April; and the FAANG stock that scored a bullish brokerage note.

The Dow Jones Industrial Average (DJI - 23,848.42) finished 9.3 points lower. Merck (MRK) was the biggest gainer of the 16 Dow stocks finishing in positive territory, adding 2.5%. Intel (INTC) was the worst of the other 14, shedding 3.1%.

The S&P 500 Index (SPX - 2,605) gave back 7.6 points, or 0.3%. The Nasdaq Composite (IXIC - 6,949.23) shed 59.6 points, or 0.9%.

The Cboe Volatility Index (VIX - 22.87) finished 0.4 point, or 1.6%, higher.

closing index summary march 28

nyse and nasdaq stats march 28

5 Items on Our Radar Today

  1. Alternative social media platform Reddit disabled bitcoin payments earlier today, marking yet another digital entity that has stopped accepting the controversial cryptocurrency. A Reddit board administrator attributed the move to "the upcoming Coinbase change, combined with some bugs around the Bitcoin payment option." Google, Facebook, and Twitter all have taken steps at limiting the currency's mass adoption. (Bloomberg)
  2. Amid rumors that his job is on the line, John Cryan, CEO of Deutsche Bank, reiterated in a memo to his staff that he is "absolutely committed" to the banking giant. The speculation about a possible CEO shakeup stemmed from investor frustrations with the lender's slow turnaround in 2018. (Reuters)
  3. A limited-risk strategy for option bears. 
  4. Keep an eye on this transport stock next month.
  5. Netflix stock dipped despite a bullish brokerage note. 

corporate earnings march 28

unusual options activity march 28

Data courtesy of Trade-Alert

Oil, Gold Slide Once More

May-dated crude futures gave back 87 cents, or 1.3%, to end at $64.38 per barrel, after the Energy Information Administration (EIA) reported a bigger-than-expected rise in crude inventories last week. 

Gold futures for April delivery skid $17.80, or 1.3%, to close at $1,324.20 an ounce, its biggest single-day loss in over a month, and its lowest close in one week. A rising dollar weighed on the commodity. 


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