Goldman Sachs and JPMorgan Chase were some of the Dow's worst performers
Stocks ended the day lower, as the Turkey currency crisis weighed on investors' appetite for risk. However, speculators didn't shun stocks for gold -- typically considered a "safe haven" asset -- as a stronger dollar pushed the metal below $1,200 an ounce for the first time since January. Bank stocks were some of the hardest hit, with the Dow dropping more than 125 points, and Goldman Sachs (GS) and JPMorgan Chase (JPM) among the worst blue-chip performers. Meanwhile, the VIX -- or the stock market's "fear gauge" -- marked its highest close in over a month.
Continue reading for more on today's market, including:
- Analyst: This new drug stock is a steal.
- 2 global ETFs targeted amid the Turkey crisis.
- Plus, the weed stock expected to grow; Deere stock slammed with bear notes; and call buying surges on one blue chip before earnings.
The Dow Jones Industrial Average (DJI - 25,187.70) fell 125.4 points, or 0.5%, for a fourth straight loss. Merck (MRK) led the six advancing blue chips with a 1% gain, while DowDuPont (DWDP) paced the 24 decliners with a 1.7% drop.
The S&P 500 Index (SPX - 2,821.93) lost 11.4 points, or 0.4%, while the Nasdaq Composite (IXIC - 7,819.71) shed 19.4 points, or 0.3%.
The Cboe Volatility Index (VIX - 14.78) marked its highest close since early July, picking up 1.6 points, or 12.3%, for the day.
5 Items on our Radar Today
- Online powerhouse Amazon's (AMZN) next big business will be advertising, according to Piper Jaffray analyst Michael Olson. Specifically, Olsen thinks advertising profits will surpass those of Amazon Web Services (AWS) by 2021. (MarketWatch)
- Top-tier FBI agent Peter Strzok has been fired after sending negative text messages about President Donald Trump. The termination goes against the 60-day suspension recommended by the FBI Office of Professional Responsibility. Trump responded on Twitter with "finally." (Reuters).
- Analysts have high hopes for this weed stock.
- Deere stock was slammed with bear notes before earnings.
- The Dow stock hit with heavy pre-earnings call buying.
Data courtesy of Trade-Alert
Gold Marks Lowest Close Since January
Reports of a rise in Cushing, Oklahoma, crude stockpiles weighed on oil prices today. September-dated oil finished down 43 cents, or 0.6%, at $67.20 per barrel.
Gold plunged below the $1,200 mark for the first time since late January, on the back of a strengthening dollar. December-dated futures fell a whopping $20.10, or 1.6%, to settle at $1,198.90 per ounce -- its worst session since June 15.