Stocks Slide as Gold Logs Best Week Since June

All three indexes turned in their first weekly loss of the month

Managing Editor
Feb 21, 2020 at 4:38 PM
facebook X logo linkedin


The Dow stumbled into the weekend with an 227-point loss. The blue-chip index breached the 29,000 level amid resurfacing coronavirus fears, after over 800 new cases were reported overnight in China. The S&P 500 and tech-rich Nasdaq also finished sharply lower, with FAANG stocks and the chip sector among the day's notable laggards. All three benchmarks finished with weekly losses of 1% or more.

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

  • Dropbox options were red hot after earnings.
  • Coca-Cola gave a coronavirus update that isn't as bad as feared.
  • Plus, Fitbit falls post-earnings; a big upgrade for CHWY; and SPX sounding a bullish signal. 

The Dow Jones Industrial Average (DJI - 28,992.41) finished 227.6 points, or 0.8% lower for the day. United Technologies (UTX) paced the nine winners with a 1.1% gain, while Microsoft (MSFT) paced the 21 laggards with a 3.2% drop. For the week, the Dow ended 1.4% lower.

The S&P 500 Index (SPX - 3,337.75) shed 35.5 points, or 1.1%, while the Nasdaq Composite (IXIC - 9,576.59) lost 174.4 points, or 1.8%. The S&P lost 1.3% on the week, while the Nasdaq closed with a 1.6% weekly loss.

The Cboe Volatility Index (VIX - 17.08) gained 1.5 point, or 9.8%. It ended the week up 24.9%.

indexes feb 21

nyse nasdaq feb 21

5 Items on Our Radar Today

  1. Elon Musk's SpaceX company is looking to raise about $250 million at a price of $220 a share, increasing SpaceX’s market value to around $36 billion. The company is about to enter development of three important projects; Crew Dragon, Starlink and Starship. (CNBC)
  2. The 10-year U.S. Treasury yields’ week-long slump continues, as the number of coronavirus cases increased. It was also reported that the 30-year bond yield fell to 1.9%, a new record all-time low. (MarketWatch)
  3. Fitbit stock took a hit after a lackluster earnings report.
  4. RBC likes the risk-reward outlook of Chewy stock.
  5. Here's why stocks could see more upside soon.

earnings feb 21

new uvol feb 21

Data courtesy of Trade-Alert

Oil Stays Strong; Gold Gets Seven Straight

Crude futures snapped a two-day win streak today, after talks between Saudi Arabia and Russia broke down over a decision to cut oil production. April-dated oil shed 50 cents, or 0.9% to settle at $53.38 per barrel. For the week, black gold added 2%. 

Gold futures made it seven straight wins today, as the sliding government bond yields adds support for the safe-haven asset. Gold for April delivery gained $28.30, or 1.8%, to settle at $1,648.80 an ounce. Gold finished the week up 3.9%, its best week since June.

 

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 C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI