Dow Drops Triple Digits; Energy Stocks Sink With Oil

Gold futures also suffered big daily losses

Managing Editor
Aug 15, 2018 at 4:28 PM
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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. 

us stock market closing summary aug 15

nyse and nasdaq stats aug 15

5 Items on our Radar Today

  1. 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)
  2. 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)
  3. Short sellers are hedging bets against J C Penney ahead of earnings.
  4. As copper plunged, this mining stock's call options popped.
  5. Why a sub-11 VIX could mean upside for stocks.

corporate earnings aug 15

unusual options volume aug 15

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.

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