Stocks Slump to 5th Straight Loss

Gold eked out a weekly win thanks to today's pop

by Karee Venema

Published on Mar 8, 2019 at 4:31 PM

The Dow plunged triple digits out of the gate, and remained in the red through the close. Stocks reacted to a round of dismal global economic data, including weak Chinese trade numbers and a dreary U.S. jobs report. Downgraded Exxon Mobil (XOM) was the worst blue chip today, with sinking oil prices only amplifying selling pressure on the energy giant.

The risk-off backdrop was seen on the S&P 500 and Nasdaq, too, with the former sinking further below 2,800 and the latter snapping its longest weekly win streak since the dot-com boom. What's more all three indexes brought their daily losing streaks to five -- the first time this has simultaneously occurred since November 2016, just ahead of the U.S. presidential election.

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

The Dow Jones Industrial Average (DJI - 25,450.24) was down 220 points at its intraday low, before paring this loss to 23 points, or 0.09%. Exxon Mobil (XOM) paced the 17 Dow decliners with its 1.4% drop, while Goldman Sachs (GS) led the 13 advancers with its 1.3% gain. For the week, the Dow fell 2.2%.

The S&P 500 Index (SPX - 2,743.07) slipped 5.9 points, or 0.2%, while the Nasdaq Composite (IXIC - 7,408.14) gave back 13.3 points, or 0.2%. Week-over-week, the SPX and Nasdaq declined 2.2% and 2.8%, respectively.

The Cboe Volatility Index (VIX - 16.05) topped the 18 mark in intraday action for the first time since late January, before swinging to a 0.5-point, or 3.3%, loss. On a weekly basis, the market's "fear gauge" jumped 18.3%.

Closing Indexes Summary March 8

NYSE and Nasdaq Stats March 8

5 Items on our Radar Today

  1. The Commerce Department said housing starts increased 18.6% in January to a seasonally adjusted rate of 1.23 million units -- more than analysts were expecting -- marking the first increase in five months. Single-family building permits, on the other hand, fell 2.1% to 812,000 units, the lowest level since August 2017. (CNBC)
  2. The U.S. women's national soccer team filed a lawsuit against the U.S. Soccer Federation for gender discrimination. The suit alleges the organization has "utterly failed to promote gender equality." (Reuters)
  3. BofA-Merrill Lynch thinks GameStop is headed to new lows.
  4. The CEO of this drink company said he was "truly sorry" for a dismal earnings report.
  5. Costco shares rallied hard on a positive earnings reaction.

Corporate Earnings March 8

Unusual Options Activity March 8

Data courtesy of Trade-Alert

Oil Ekes Out Weekly Win, Despite Daily Drop

Oil prices came off their intraday lows after data showed the U.S. rig count fell for a third straight week, though concern over waning global energy demand kept April-dated crude down 59 cents, or 1%, to settle at $56.07 per barrel. For the week, oil added 0.5%.

Gold gained as traders made a beeline toward safe-haven assets. Gold for April delivery jumped $13.20, or 1%, to close at $1,299.30 an ounce -- bringing its weekly gain to 10 cents.


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