Stocks Slip, Eke Out Weekly Wins

The Cboe Volatility Index logged its highest close since 2011

Managing Editor
Mar 6, 2020 at 4:33 PM
facebook X logo linkedin


Stock dropped once again Friday, as Wall Street closed out a roller-coaster trading week in the red. An upbeat February jobs report was unable to lift the Dow out of its coronavirus-fueled sell-off. The S&P 500 and Nasdaq also finished deep in the red, as the 10-year Treasure yield fell below 0.7% for the first time in the benchmark’s history. However, all three benchmarks pared steeper losses in late-afternoon trading, helping to secure modest weekly wins. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index, logged its highest close since September 2011.

Continue reading for more on today's market, including:
  • A refresher on Wall Street's red-hot "fear gauge."
  • Big Lots stock traded higher today after activist investors announced their stake.
  • Plus, two stocks lower on C-suite news; and a look at the week ahead. 

The Dow Jones Industrial Average (DJI - 25,684.78) finished 256.5 points, or 1% lower for the day. Walgreens Boots Alliance (WBA) was the Dow's top winner again today, 3.5. J.P. Morgan Chase (JPM) paced the 18 laggards with a 5.2% drop.

The S&P 500 Index (SPX - 2,972.37) shed 51.6 points, or 1.7%, while the Nasdaq Composite (IXIC - 8,575.62) lost 162.9 points, or 1.9%. For the week, the S&P 500 tacked on 0.6%, while the Nasdaq added 0.2%.

The Cboe Volatility Index (VIX - 41.94) added 2.3%, or 5.9%. It gained 4.6% on the week.

Closing Index Mar 06

NYSE NASDAQ RECAP MAR 06

5 Items on Our Radar Today

  1. As COVID-19 starts to spread in the U.S., the Trump Administration is granting tariff exemptions on medical device items imported from China. The list includes face masks, examination gloves, and sanitizing wipes. (MarketWatch)
  2. Mortgage rates fell to record lows this week. The 30-year fixed mortgage fell to 3.3%, surpassing its previous low hit in November 2012. The drop tracks with sinking bond yields, and also comes amid a record 13 million number of refinance candidates. (CNBC)
  3. This bank stock sank after CEO Jaime Dimon experienced a major surgery scare.
  4. See why Gap stock hit an 11-year low.
  5. Get ready for inflation data on tap next week.

Earnings Mar 06

Unusual options activity Mar 06

Data courtesy of Trade-Alert

Oil Tanks After OPEC Deal Falls Through     

Oil futures tanked to multi-years low today as the deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies on proposed production cuts fell apart. As a result, April-dated oil fell $4.62, 10%, to trade at $41.28 per barrel, its lowest level since August 2016. That's good for the sharpest single-daily decline since November 2014. For the week, black gold shed 7.8%.

Gold futures rose today, taking advantage of sliding U.S. equities. April-dated gold closed is currently up $4.40, or 0.3%, to settle at $1,672.40 per ounce. For the week, gold added 6.7%, its weekly gain since the beginning of 2011. 

 

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