U.S. Stocks End Rocky Session Mixed

The VIX pared its gains, but marked its highest close in months

Managing Editor
Oct 8, 2018 at 4:33 PM
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U.S. stocks traded on both sides of breakeven today, ending the session mixed. The Dow was down triple digits at its session low, amid concerns about bond yields and the People's Bank of China (PBOC) slashing its reserve requirement ratio. However, the Dow reversed higher in afternoon trading, avoiding a three-day losing streak. On the flip side, the S&P ended a hair below breakeven, and the Nasdaq suffered notable losses amid a retreat in tech and FAANG stocks. Meanwhile, the market's "fear index," or VIX, pared its gains by the close, but still managed its highest finish since early July.

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

The Dow Jones Industrial Average (DJI - 26,486.78) added 39.7 points, or 0.2%, for the day. Walgreens (WBA) led the 20 blue-chip winners with a 2.3% gain, while Visa (V) took the cake for the biggest of the nine losers, closing down 2.4%. Intel (INTC), however, finished the day flat.

The S&P 500 Index (SPX - 2,884.43) shed 1.1 point, or 0.04%, while the Nasdaq Composite (IXIC - 7,735.95) gave back 52.5 points, or 0.7%.

On the flip side, the Cboe Volatility Index (VIX - 15.69) gained 0.9 point, or 5.9%. 

closing summary indexes october 8

closing indexes summary october 8

5 Items on our Radar Today

  1. Florida Governor Rick Scott has declared a state of emergency in over 20 counties, as Hurricane Michael begins to approach the state's panhandle and Big Bend. The former tropical storm has grown into a Category 1 hurricane, and could continue to build momentum -- up to a Category 3 -- before hitting land. (Reuters)
  2. Another FAANG name is under fire for a data breach today -- this time being Google -- which is taking blows after a bug was identified within its Google+ program. The bug may have made vulnerable the personal information of more than 500,000 users, though the company recently said it plans to phase out Google+ altogether, due to lack of consumer participation. (CNBC)
  3. History says this tech stock may bounce soon.
  4. Morgan Stanley: This is the best cybersecurity stock
  5. penny stocks that popped today.

There were no earnings of note today.

Unusual Options Activity October 8

Gold Takes a Hit on Firming Dollar, Interest Rate Woes

Oil futures fell slightly in today's session, amid reports that U.S. sanctions on Iran could be softer than expected. However, losses were limited as focus shifted to Hurricane Michael's potential impact on crude output in the Gulf of Mexico. November-dated crude futures settled down 5 cents, or 0.1%, at $74.29 per barrel.

Gold suffered notable losses today, as concerns over rising interest rates continued, and as the dollar firmed. December-dated gold shed 1.4%, or $17, to close at $1,188.60 an ounce.

 

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