Dow Nosedives as Oil Collapse Continues

Boeing weighed heavy on the Dow today

Deputy Editor
Apr 21, 2020 at 4:36 PM
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The Dow closed in the red, extending its losses from midday, following a second day of heavy losses for oil. Also weighing heavy for the blue-chip index is Boeing (BA) and Merck (MRK). Meanwhile, all eyes are on Washington, D.C., as the Senate managed to reach a deal for a $484 billion coronavirus relief package, aimed toward small businesses, testing, and hospitals. A vote is set for this evening, but needs to be unanimous to pass. The S&P 500 and tech-heavy Nasdaq also finished in the red, with the former struggling against major levels of resistance.

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

  • The vegan stock that just got a Starbucks boost. 
  • This Dow stock is overdue for upgrades.
  • Plus, TRV stock shakes off quarterly report; Coca-Cola expects revenue loss next quarter, and LH's COVID-19 tests winning FDA approval.

The Dow Jones Industrial Average (DJI - 23,018.88) fell 631.6 points, or 2.7% for the day. Travelers (TRV) was the only stock to scrape by with a close of breakeven, while MRK finished at the bottom with a 5.5% loss.

The S&P 500 Index (SPX - 2,736.56) dropped 86.6 points, or 3.1%, while the Nasdaq Composite (IXIC - 8,263.23) fell 297.5 points, or 3.5% for the day.

The Cboe Volatility Index (VIX - 45.41) added 1.6 points, or 3.6%. 

Closing Indexes Summary April 21

NYSE and Nasdaq Stats April 21

5 Items on Our Radar Today

  1. U.S. President Donald Trump plans to halt immigration into the United States, citing the pandemic, as Georgia plans a partial reopening of the state starting at the end of this week. (Reuters)
  2. Microsoft (MSFT) hires General Electric (GE) executive Tom McGuinness to run the commercial side of its health-care business, as it grows amid the pandemic. (CNBC)
  3. Travelers stock expects lasting effects from the pandemic. 
  4. The blue chip sliding after earnings.
  5. FDA granted emergency-use authorization of this at-home test.

Earnings April 21

Unusual Options Activity April 21

Data courtesy of Trade-Alert

Oil, Gold Close Lower 

Oil experienced a volatile day as May-dated crude rebounded from yesterday's odd and historic plunge. May-dated futures rose $47.64, to expire at $10.01 a barrel, while the most active June contract fell $8.86, or 43.4%, to settle at $11.57 per barrel.

Gold prices ended near a two-week low as the dollar strengthened, erasing yesterday's modest gains. Gold for June delivery fell $23.40, or 1.4%, to settle at $1,687.80 per ounce.

 

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