The stock market's fear gauge soared in today's session
U.S. stocks ended in the red today, amid escalating trade tensions with Turkey and China, as well as a rough day for Macy's (M) and tech stocks. In addition, a stronger dollar weighed on commodities, and a surprise surge in domestic crude stockpiles sent oil prices -- and energy stocks -- reeling. While the stock market indexes were off their session lows by the close, the Dow still ended with a triple-digit loss.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,162.41) dropped 137.5 points, or 0.5%, after being down more than 330 points at its intraday low. Merck (MRK) led the 13 advancing blue chips with a 1.3% gain, while Chevron (CVX) paced the 17 decliners with a 3.8% drop.
The S&P 500 Index (SPX - 2,818.37) fell 21.6 points, or 0.8%, while the Nasdaq Composite (IXIC - 7,774.12) shed 96.8 points, or 1.2%.
The Cboe Volatility Index (VIX - 14.64) gained 1.3 points, or 10%, for the day.
5 Items on our Radar Today
- Michael Terpin is suing wireless mobile provider AT&T (T) for $224 million in damages just months after being robbed of a cryptocurrency investment worth $23.8 million. Terpin claims in the lawsuit that AT&T -- his carrier at the time -- is at fault due to gross negligence and fraud, as the theft allegedly took place through his cell phone account via SIM swapping. (Reuters)
- According to an annual report by Glassdoor, the tech and healthcare sectors boast the highest average salaries in the U.S. While the title of physician held the top spot with a median base salary of just under $200,000, tech careers hold 13 of the top 25 positions. (Bloomberg)
- Short sellers are hedging bets against J C Penney ahead of earnings.
- As copper plunged, this mining stock's call options popped.
- Why a sub-11 VIX could mean upside for stocks.
Data courtesy of Trade-Alert
Crude, Gold Suffer Huge Daily Losses
Crude futures took a heavy loss after government-released data showed a surprise increase in U.S. stockpiles last week. September-dated oil plunged $2.03, or 3%, to settle at $65.01 per barrel.
Dollar-denominated gold fell back below $1,200 and to a more than 18-month low, as the greenback strengthened to a 14-month high against a basket of foreign currencies. December-dated gold futures shed $15.70, or 1.3%, to settle at $1,185 an ounce.