S&P, Nasdaq Log Worst Losing Streaks Since December

Bank stocks were some of the day's biggest losers

Mar 7, 2019 at 4:26 PM
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The Dow spent the entire session in negative territory, as pre-market optimism over the European Central Bank's (ECB) stimulus announcement was replaced by concern over the central bank's downwardly revised 2019 gross domestic product (GDP) forecast -- exacerbating fear over a slowing global economy. Bank stocks took a notable hit, with big-cap financial shares Goldman Sachs (GS) and JPMorgan Chase (JPM) suffering notable losses. By the close, the Dow, S&P 500, and Nasdaq were down for a fourth straight day, the longest losing streaks for the latter two since late December.

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

  • Why Kroger stock sold off today.
  • 2 chip stocks flash must-see bull signals.
  • The sell-off isn't over for this stock, says Pivotal Research.
  • Plus, Cantor thinks this penny stock could triple; UBX gained on a bullish brokerage note; and the FAANG buzz that boosted Zebra Technologies.

The Dow Jones Industrial Average (DJI - 25,473.23) fell 200.2 points, or 0.8%, for its lowest close since Feb. 14. Walgreens Boots Alliance (WBA) paced the 26 Dow decliners with its 2.1% drop, while Verizon (VZ) and Exxon Mobil (XOM) fared best of the four advancers -- adding 1.1% apiece.

The S&P 500 Index (SPX - 2,748.93) shed 22.5 points, or 0.8%, while the Nasdaq Composite (IXIC - 7,421.46) surrendered 84.5 points, or 1.1%.

The Cboe Volatility Index (VIX - 16.59) rose 0.9 point, or 5.4%, for its highest settlement since Jan. 30.

Closing Indexes Summary March 7

NYSE and Nasdaq Stats March 7

5 Items on our Radar Today

  1. U.S. households saw the biggest drop in net worth since the financial crisis in the fourth quarter, according to data from the Federal Reserve. Over the three-month period ended Dec. 31, Americans' net worth declined 3.4% to $104.3 trillion. (CNBC)
  2. Huawei is taking the U.S. government to court. The Chinese telecom filed a lawsuit in a Texas court, saying a congressional ban barring U.S. federal agencies from purchasing its products is "unlawful, [and] also restricts Huawei from engaging in fair competition." (CNN)
  3. Cantor Fitzgerald thinks this penny stock could triple.
  4. United Biotechnology stock gained on a fresh "overweight" rating.
  5. FAANG buzz boosted Zebra Technologies stock.

Corporate Earnings March 7

Unusual Options Activity March 7

Data courtesy of Trade-Alert

Gold Drops as Dollar Gains

Oil prices rose on news the Organization of the Petroleum Exporting Countries (OPEC) output sank to its lowest level in almost four years last month. Crude for April delivery gained 44 cents, or 0.8%, to settle at $56.66 per barrel.

Gold prices closed lower as the U.S. dollar strengthened. April-dated gold shed $1.50, or 0.1%, to settle at $1,286.10 an ounce.

 

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