Dow Drops 286 Points, Oil Plummets Amid Trade Tensions

The 10-year Treasury yield also fell to its lowest in more than a year

Lillian Currens
May 23, 2019 at 4:29 PM
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The Dow suffered another triple-digit drop today, losing over 285 points, as trade tensions between the U.S. and China continue to flare up. Chip stocks continued to suffer as more companies cut ties with China's Huawei, and sluggish U.S. manufacturing data was salt in Wall Street's proverbial wounds. In response, the benchmark 10-year Treasury yield hit new 18-month lows, and oil prices plummeted on expectations for weakening demand. Against this backdrop, the Nasdaq and S&P finished lower as well. 

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

The Dow Jones Industrial Average (DJI - 25,490.47) lost 286.1 points, or 1.1%, in today's trading. Home Depot (HD) was atop the six winners with a 1.6% gain, while United Technologies (UTX) brought up the rear on a 3.7% loss. 

The S&P 500 Index (SPX - 2,822.24) ended 34 points, or 1.2%, lower, and  the Nasdaq Composite (IXIC - 7,628.28) slipped 122.6 points, or 1.6%.

The Cboe Volatility Index (VIX - 16.92) was 2.2 points, or 14.7%, higher. 

Closing Indexes Summary May 23

NYSE and Nasdaq Stats May 23

5 Items on our Radar Today

  1. Major bank name JPMorgan Chase just severed its relationship with OxyContin maker Purdue Pharma, on grounds that the drugmaker has played a major role in the ongoing opioid crisis in the U.S. Purdue, which has faced an onslaught of lawsuits in recent years, has picked up Comerica as its replacement. (CNBC)
  2. Temperatures of up to 99.5 degrees Fahrenheit have sparked wildfires in Israel, causing thousands of residents between Jerusalem and Tel Aviv to evacuate. By nightfall, police said, the fires were mostly extinguished. (Reuters)
  3. 2 software stocks surging on analyst upgrades
  4. The steel stock that just got hit with a $1 price target. 
  5. 25 stocks with the best returns after Memorial Day

Corporate Earnings May 23

Unusual Options Activity May 23

Data courtesy of Trade-Alert

Oil Suffers Biggest Drop This Year

Increased anxieties over a trade war and reports of slowing manufacturing activity sent oil prices reeling. Crude for June delivery suffered its worst day this year, spiraling $3.51, or 5.7%, to settle at $57.91 per barrel. 

June-delivered gold was higher again today, up $11.20, or 0.9%, to end at $1,285.40 an ounce, as the dollar softened and traders revisited the "safe haven" commodity as stocks tumbled.


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