Dow Plummets 1,031 Points as VIX Surges

The Nasdaq turned in its worst day since the dot-com era

Managing Editor
Feb 24, 2020 at 4:44 PM
facebook twitter linkedin

The Dow was on the wrong side of history today, turning in a 1,031-point loss, its third-worst single-session drop ever. The blue-chip index has now given up its year-to-date gains in just one day, as COVID-19 continues to spread to more countries outside of China. The S&P 500 and Nasdaq turned in equally ugly setbacks, the latter suffering its steepest single-day drop in years. As global markets panic, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) logged its highest close since December 2018.

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

  • Lyft and Uber weekly options are all the rage lately.
  • This restaurant stock bucked the broad market sell-off.
  • Plus, a Foot Locker earnings preview; Beyond Meat's new rival; and a big bull note for KDP. 

The Dow Jones Industrial Average (DJI - 27,960.80) finished 1,031.6 points, or 3.6% lower for the day. Verizon (VZ) was the best of the 30 blue-chips in the red, shedding 0.4%, while UnitedHealth (UNH) was the worst-performing, losing 7.8%.

The S&P 500 Index (SPX - 3,225.89) shed 111.9 points, or 3.4%, while the Nasdaq Composite (IXIC - 9,221.28) lost 355.3 points, or 3.7%.

The Cboe Volatility Index (VIX - 25.03) gained 8 points, or 46.6%. 

Closing Indexes Summary Feb 24

NYSE and Nasdaq Feb 24

5 Items on Our Radar Today

  1. As coronavirus spreads global panic, finance mogul Warren Buffett warns investors not to buy/sell stock based on today’s news. In a wide-ranging three-hour interview, Berkshire Hathaway's CEO questions whether a couple days of plunging stocks will effect American businesses long-term. (CNBC)
  2. President Donald Trump announced that violators of U.S. sanctions on Venezuela’s oil sector will face harsh punishments. This sanctions campaign was issued in the hopes of dissuading customers that are helping Caracas hide the origin of their oil. (Reuters)
  3. Keep an eye on this trendline ahead of Foot Locker earnings.
  4. A new rival sent Beyond Meat stock lower today.
  5. Morgan Stanley is a fan of Keurig Dr Pepper stock.

corporate earnings feb 24

Unusual Options Activity Feb 24

Data courtesy of Trade-Alert

Oil Drops; Gold Logs Highest Finish Since 2013

Crude futures fell in step with the broader market today, as the coronavirus outbreak weighs on energy demand. April-dated oil shed $1.95, cents, or 3.7% to settle at $51.43 per barrel.

Gold futures made it eight in a row today, as investors flock to safe-haven assets amid the global sell-off. Gold for April delivery gained $27.80, or 1.7%, to settle at $1,676.60 an ounce. It was gold's highest finish since early 2013. 


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners