Dow Dragged Over 1,800 Points, Worst Day Since March

The Dow was dragged to its worst day since the March selloff

Assistant Editor
Jun 11, 2020 at 4:32 PM
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In its worst day since March, the Dow dropped over 1,800 points after a spike in coronavirus cases leaves investors worried about a second wave, with now over 2 million in the U.S., according to data from Johns Hopkins University. Most notably, Texas has reported record-breaking COVID-19 hospitalizations for three consecutive days. Shares of stocks directly related to the reopening economy such as retail and travel led the decline, while some stay-at-home staples managed to rise. Meanwhile, the S&P 500 and the Nasdaq Composite dropped as well, with the latter's four-day win streak snapped just one day after hitting a record-high.

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

The Dow Jones Industrial Average (DJI - 25,128.17) lost 1,861.8 points, or 6.9% for the day. There were no winners today, with Boeing (BA) bottoming out the list the losers once again with a massive 16.4% drop.

Meanwhile, the S&P 500 Index (SPX - 3,002.10) fell 188 points, or 5.9%, and the Nasdaq Composite (IXIC - 9,492.73) shed 527.6 points, or 5.3%. 

Meanwhile, the Cboe Volatility Index (VIX - 40.79) rose 13.2 points, or 48%, for the day.

Closing Summary June 11

NYSE Nasdaq June 11

5 Items on Our Radar Today

  1. According to the Fed, total domestic nonfinancial debt surged by nearly 12%, while household net worth fell off in the first three months of 2020, in the wake of coronavirus headwinds. (CNBC)
  2. The producer price index (PPI) rose 0.4% in May, meaning U.S. goods and services saw their wholesale costs bounce back after starting the year off with consecutive months of decline. (MarketWatch)
  3. Children's Place stock is down after missing revenue estimates.
  4. GrubHub's $7 billion all-stock buyout.
  5. Disney stock slipped despite notable park update.

Earnings June 11

Unusual Options Activity June 11

Data courtesy of Trade-Alert

Crude Tanks on Second-Wave Fears

Fears over a second wave of coronavirus cases sent oil prices careening today. This falloff comes just a day after data from the Energy Information Administration (EIA) showed an record inventory buildup of 538.1 million barrels, suggesting the demand recovery has stagnated. At last check, July-dated crude fell $3.26, or 8.2%, to settle at $36.34 per barrel.

Gold rose today, bolstered by the Fed's dire economic forecast and move to keep interest rates as close to zero as possible until 2022. Gold for August delivery rose $19.10, or 1.1%, to settle at $1,739.80 per ounce.

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