The Dow entered correction territory earlier today
The Dow plunged to its sixth straight catastrophic loss today, closing 1,190 points lower -- it's worst single-session point drop in history -- amid mounting fears over the global spread of the coronavirus. Today’s fall into correction territory followed President Donald Trump’s national address yesterday that failed to calm investor worries over the possibility of the outbreak spreading throughout the U.S.
The S&P 500 breached the 3,000 level for the first time since October, also marking a sixth straight loss. The tech-heavy Nasdaq was not spared from the bloodbath either, and logged its biggest one-day loss since 2011. As the global markets continue to panic, the Cboe Volatility Index (VIX), Wall Street's "fear gauge," recorded its highest peak since February 2018.
Continue reading for more on today's market, including:
- Which tech stock was the worst in the Dow's historic sell-off today.
- Drug stock Zogenix sank amid an FDA delay.
- Plus, ETSY soars after earnings; face mask demand boosts APT; and Hasbro shakes off bear notes.
The Dow Jones Industrial Average (DJI - 25,766.64) finished 1,190.95 points, or 4.4% lower for the day. 3M (MMM) was the only positive Dow stock today, adding 0.8%, while Microsoft (MSFT) led the 29 losers, with a 7% drop.
The S&P 500 Index (SPX - 2,978.76) shed 137.6 points, or 4.4%, while the Nasdaq Composite (IXIC - 8,566.48) lost 414.3 points, or 4.6%.
The Cboe Volatility Index (VIX - 39.16) gained 11.6 points, or 42.1%.
5 Items on Our Radar Today
- Orders for durable goods to the U.S. fell 0.2% in the last month, despite January's impressive rise. With the trade war as well as coronavirus threatening a global pandemic, future readings may feature a disruption. (MarketWatch)
- The coronavirus task force -- to be lead by Vice President Mike Pence -- is grouping together in the White House. New additions include Treasury Secretary Steven Mnuchin and top White House economist Larry Kudlow. So far Pence brushed off the risk from the virus and emphasizing that Americans are “ready for anything.”
- How Etsy stock broke out today despite the broad market sell-off.
- This medical device stock is surging alongside demand for face masks.
- Call traders flocked to Hasbro stock despite today's bear notes.
earnings
Data courtesy of Trade-Alert
Oil Logs Fifth-Straight Loss
As coronavirus continues to weigh on the global energy market, crude oil features declined for the fifth-straight session. April-dated crude fell $1.64, or 3.4%, to land at $47.09 per barrel, and earlier touched $45.88 -- it's lowest session close and intraday mark in 13 months.
Gold futures finished low for the third straight session, as rising bond yields offset support for the safe-haven asset. Gold for April delivery lost 0.04%, or 60 cents, to settle at $1,642.50 an ounce.