Wall Street also digested weaker-than-expected jobs data
U.S. stocks lost any lingering momentum they had coming into today's trading, and ended the day in the red, as renewed trade war concerns and disappointing jobs data caught up to the three major indexes. More specifically, the Dow was down 767 points at its intraday low, with all 30 of its components closing in negative territory. The Nasdaq also suffered a triple-digit loss, and the S&P sold off, too, with the major benchmarks erasing their weekly gains.
Continue reading for more on today's market, including:
- Buy calls on these 3 Amazon rivals.
- Get ready for a rally from this blockchain stock.
- Goldman: This biotech stock could double.
- Plus, PayPal could be Amazon's next victim; tech stock showered with price-target hikes; and Valeant options traders brace for bigger losses.
The Dow Jones Industrial Average (DJI - 23,932.76) shed 572.5 points, or 2.3%, as all 30 of its components closed in the red. Procter & Gamble (PG) suffered the least, with a 0.5% drop, while Caterpillar (CAT) was the worst blue chip, shedding 3.5%. The Dow ended 0.7% lower for the week.
The S&P 500 Index (SPX - 2,604.47) lost 58.4 points, or 2.2%. The Nasdaq Composite (IXIC - 6,915.11) suffered a 161.4 point, or 2.3%, loss. The indexes finished the week down 1.4%, and 2.1%, respectively.
The Cboe Volatility Index (VIX - 21.49) gained 2.6 points, or 13.5% for the day, and 7.6% for the week.
5 Items on Our Radar Today
- Continuing its efforts to make amends for a recent data scandal, Facebook announced a more thorough method for those looking to place political ads on its social media site. While the screening process won't entirely eliminate tactics that were used in the 2016 U.S. presidential election, CEO Mark Zuckerberg said it will "help raise the bar for all political advertising online." (CNBC)
- Former South Korean President Park Geun-hye -- the country's first female leader -- has been sentenced to 24 years in prison after being found guilty on several counts, including bribery, leaking secrets, and abuse of power. Park was impeached last year. (Bloomberg)
- Why PayPal could be Amazon's next victim.
- The tech stock just showered with price-target hikes.
- Valeant options traders brace for bigger losses.
There were no earnings of note today.
Data courtesy of Trade-Alert
Gold Finishes Higher on the Week, Oil Suffers
Escalating trade tensions and a rising U.S. rig count sent oil prices significantly lower. May-dated crude futures closed down $1.48, or 2.3%, at $62.06 per barrel on the day, and shed 4.6% on the week.
The stock market sell-off and a weaker dollar buoyed gold futures today. The June-dated contract added $7.60, or 0.6%, to settle at $1,336.10 per ounce. For the week, gold prices rose 0.9%.