Wall Street Stretches Losses on Big Tech Blunder

Gold rallied to a nearly week high on a weakened dollar

Assistant Editor
Sep 8, 2020 at 4:41 PM
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The holiday-shortened week began in dramatic fashion, falling sharply as stocks in the tech sector extended their worst selloff in nearly half a year -- the Dow plunging over 600 points. Elsewhere, the Nasdaq and S&P 500 closed substantially lower as well, with the former falling alongside FAANG stocks -- the most notable being Apple (AAPL), which fell almost 7% as tensions increased with Fortnite creator Epic Games. Meanwhile, the latter tumbled alongside Tesla (TSLA), after the electric car name was skipped from being added to the index.

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

    • This biopharma stock rose on vaccine pact.
    • At least one analyst is big on Foot Locker stock.
    • Plus, Peloton stock boosted on pricing buzz; more on plant-based Starbucks possibilities; and a CEO change is coming for one beer maker.

    The Dow Jones Industrial Average (DJI - 27,500.89) dropped 632.4 points, or 2.3% for the day. Walt Disney (DIS) finished with a 1.7% rise, pacing the four gainers. Apple (AAPL) paced the 26 laggards with a 6.7% fall.

    Meanwhile, the S&P 500 Index (SPX - 3,331.84) shaved off 95.1 points, or 2.8% for the day. The Nasdaq Composite (IXIC - 10,847.69) fell 465.44 points, or 4.1% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 31.46) added 0.7 point, or 2.3%, for the day.

    IndexesSept8

    NYSESept8

    1. Up to 40 million Americans are safe from losing their homes amid the pandemic, thanks to a ban issued by the Center for Disease Control and Prevention which prevents landlords from evicting tenants who can't pay rent. (CNBC)
    2. There are a number of coronavirus vaccine candidates in the final stages of human trials from big name pharma and biotech companies. The first release will mark the fastest vaccine in history to hit the market. (MarketWatch)
    3. This at-home workout staple was boosted on pricing buzz.
    4. Asia could see an increase of plant-based Starbucks options.
    5.  Anheuser-Busch announced a CEO change is on the way.

    There are no earnings to report today.

    UVOLSept8

    Data courtesy of Trade-Alert

    Oil Drops to Lowest Level Since June

    Oil futures began the week lower, dipping to their lowest point since June as concerns continue to build regarding demand. As a result, October-dated crude was down $3.07, or 7.6%, to end at $36.76 a barrel for the day.

    A slight pullback in the U.S. dollar and a rapid drop in the broader marker sent gold to its highest in almost a week. Gold for December, added $8.90, or 0.5%, to settle at $1,943.20 an ounce.

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