Stocks Slip, Eke Out Weekly Wins

The Cboe Volatility Index logged its highest close since 2011

Patrick Martin
Mar 6, 2020 at 4:33 PM
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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. 


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