Nasdaq Losing Streak Hits 4 Weeks as FAANG Earnings Disappoint

It's the Nasdaq's longest weekly losing streak since August 2017

Oct 26, 2018 at 4:28 PM
facebook X logo linkedin

It was a sharply lower session on Wall Street, with the Dow off more than 500 points at its intraday low. Negative FAANG earnings reactions from Amazon (AMZN) and Alphabet (GOOGL) sparked the heavy selling, and had the S&P 500 flirting with correction territory. While the major benchmarks came off their earlier lows by the close, they all ended the week with substantial losses -- and the Nasdaq slumped to its fourth straight weekly decline, its longest such streak since August 2017.

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

The Dow Jones Industrial Average (DJI - 24,688.31) closed down 296.2 points, or 1.2%. Home Depot (HD) led 26 Dow stocks lower with its 3.8% drop, while Intel (INTC) paced the four advancers with its 3.1% gain. For the week, the DJI gave back nearly 3%.

The S&P 500 Index (SPX - 2,658.69) fell as low as 2,628.16 earlier, before paring its loss to 46.9 points, or 1.7%. The Nasdaq Composite (IXIC - 7,167.21) fared the worst of its peers, surrendering 151.1 points, or 2.1%. Week-over-week, the SPX slumped 3.9%, while the IXIC shed 4.1%.

The Cboe Volatility Index (VIX - 24.16) climbed as high as 27.52, before swinging down 0.06 point, or 0.3%. The market's "fear gauge" jumped 21.5% on the week.  

Closing Indexes Summary Oct 26

NYSE and Nasdaq Stats Oct 26

5 Items on our Radar Today

  1. Consumer sentiment fell more than expected in October, with the University of Michigan's economic indicator slipping to 98.6 from the final September reading of 100.1. After hitting a year-to-date low of 95.7 in January, the index notched a 14-year high of 101.4 in March. (CNBC)
  2. FBI agents arrested Cesar Sayoc in connection with the string of explosive devices mailed to key political figures this week, including former President Barack Obama and former Secretary of State Hillary Clinton. The 56-year-old Florida man was taken into custody after a fingerprint match was made to one recovered from the package sent to Rep. Maxine Waters earlier this week. (USA Today)
  3. This chip stock hit new lows ahead of Monday's earnings event.
  4. Take-Two Interactive stock made a midday push onto positive ground, and there could be more upside on the horizon.
  5. A devastating update on daily active users sent Snap stock spiraling to a record low.

Oct 26 earnings Recap

unusual options volume oct 26

Data courtesy of Trade-Alert

Oil Logs Third Straight Weekly Loss

December-dated crude futures erased intraday losses to close up 26 cents, or 0.4%, at $67.59 per barrel. Oil prices fell 2.2% on the week, though, marking their third straight weekly drop.

Gold benefited from its status as a safe-have asset today, with the December-dated contract adding $3.40, or 0.3%, to close at $1,235.80 an ounce. For the week, gold added 0.6%, bringing its weekly win streak to four.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI