Dow Tumbles 180 Points to End Lower for the Week

Both oil and gold managed to close higher for the week

Managing Editor
Oct 5, 2018 at 4:31 PM
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U.S. stocks took a massive hit in today's trading, despite a generally upbeat nonfarm payrolls report for September. While the headline increase in jobs was smaller than forecast, the unemployment rate fell to its lowest level since 1969. Investors viewed the report as giving the Fed the "all-clear" to continue hiking rates, and bond yields surged. As a result, the Dow suffered a more than 325-point drop at its session low, and fell into the red for the week.

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

  • David Einhorn just cut his stake in this FAANG stock.
  • Morgan Stanley sends up a bearish signal ahead of earnings.
  • Plus, the retailer flashing buy; gold snaps out of a slump; and Berenberg's video game pick.

The Dow Jones Industrial Average (DJI - 26,447.05) fell 180.4 points, or 0.7%, for the day, and lost 0.04% on the week. Only six of the 30 Dow components closed higher, with Pfizer (PFE) leading with a 0.5% gain. Meanwhile, Intel (INTC) paced the 24 decliners with a 2.3% drop.

The S&P 500 Index (SPX - 2,885.57) shed 16 points, or 0.6%, while the Nasdaq Composite (IXIC - 7,788.45) gave back 91.1 points, or 1.2%. The S&P lost 1% for the week, while the Nasdaq tumbled 3.2%.

The Cboe Volatility Index (VIX - 14.82) gained 0.6 point, or 4.2%. For the week, the VIX added 22.3% -- its biggest weekly gain since March.

closing indexes summary october 5

NYSE and Nasdaq Stats October 5

5 Items on our Radar Today

  1. Consulting firm Challenger, Gray & Christmas estimates that the high-profile controversy surrounding Supreme Court nominee Brett Kavanaugh has cost employers some $8.8 billion in lost productivity so far, due to workers tuning into hearings and news coverage on the job. The Senate is expected to move ahead with a final vote on Kavanaugh's nomination this weekend. (CNBC)
  2. After pricing its initial public offering (IPO) at $36 per share, software stock Elastic (ESTC) opened at $70 per share in its NYSE debut today. The IPO raised $252 million. (CNBC)
  3. Retail giant Macy's flashes a buy signal.
  4. Strong camera sales briefly lifted GoPro shares.
  5. Berenberg: Buy EA stock.

Corporate Earnings Oct 5

Unusual Options Activity October 5

Gold Snaps Losing Streak as Oil Ends Flat

Oil futures finished the day little changed, with supply concerns keeping a floor under the recently volatile commodity. November-dated crude futures settled nearly flat, adding just 1 cent to settle at $74.34 per barrel. For the week, oil rose 1.5%. 

Gold futures broke out of a three-day slump today, as equities sold off and the dollar softened. December-dated gold added $4, or 0.3%, to close at $1,205.60 an ounce on the day, and advanced 0.8% for the week.   

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