Dow Drops 353 Points; Tech, Jobs Data Weigh Heavy

Apple and Microsoft stocks pushed the Dow lower

Assistant Editor
Jul 23, 2020 at 4:30 PM
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Tech, a former champion off the coronavirus-ridden market, deepened its sell-off, weighing heavy on the broader market. The Dow plummeted over 350 points, as Microsoft (MSFT) and Apple (AAPL) both dropped over 4% in today's session. The Nasdaq and S&P 500 closed the day in the red as well, weighed down by dismal weekly jobless claims-- with initial claims coming in over 1 million for the 18th week straight.

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The Dow Jones Industrial Average (DJI - 26,652.33) fell 353.5 points, or 1.3% for the day. Cisco Systems (CSCO) rose to the top of the Dow, finishing 1% higher, while Apple (AAPL) found its way to the bottom, losing 4.6%.

Meanwhile, the S&P 500 Index (SPX - 3,235.66) lost 40.4 points, or 1.2% for the day, and the Nasdaq Composite (IXIC - 10,461.42) dropped 244.7 points, or 2.3% for today's session.

The Cboe Volatility Index (VIX - 26.08) gained 1.8 points, or 7.2%, for the day.

Closing Indexes Summary July 23

NYSE and Nasdaq Stats July 23

5 Items on Our Radar Today

  1. Various U.S. states are investigating Apple (AAPL) for potentially deceptive actions toward consumers. (Reuters)
  2. SpaceX is raising money for some out-of-this-world ambitions. According to the documents, the company is planning to raise $500 million to $1 billion. (CNBC)
  3. Airline earnings has options bears coming out of the woodwork. 
  4. Shopify stock sees bull notes on "strong recovery." 
  5. Now could be a good time to weigh in on MU options

Corporate Earnings July 23

Unusual Options Activity July 23

Data courtesy of Trade-Alert

Gold Inches Closer to Record High

Oil prices were little-changed today, with the increase in U.S. crude supplies as well as progress toward a vaccine staying in focus. September-dated crude fell 83 cents, or 2%, to settle at $41.07 a barrel. 

Gold futures rose to end just shy of their highest recorded settlement, amid coronavirus concerns and weakness in the U.S. dollar. Gold for August rose $24.90, or 1.3%, to settle at $1,890 an ounce, less than $2 below the 2011 record of $1,891.90.

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