Stocks Fall Dramatically, Dow Logs Third-Straight Loss

Meanwhile, there's controversy taking place with bank stocks abroad

Assistant Editor
Sep 21, 2020 at 4:32 PM
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The dismal day for the major indexes never had a chance at recovery, as fears continued to mount concerning a renewal of coronavirus cases worldwide. After beginning the day down around 900 points, the Dow finished the session 509 points lower, its third-straight loss and worst single-day session since Sept. 8.

The S&P 500 and Nasdaq fell considerably as well --their fourth-straight loss -- thanks to issues in the U.S. as well as abroad. Most notably, a report found that a plethora of global banks moved allegedly illicit funds, which led shares of bank stocks to plummet worldwide.

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

    • Bears are mauling this automotive stock ahead of earnings.
    • Nikola's founder is stepping down after some devastating accusations
    • Plus, bulls are piling on Capri stock; LVMH's billion dollar acquisition of Tiffany is heating up; and more on Comcast and Roku's streaming deal.

    The Dow Jones Industrial Average (DJI - 27,147.70) shed 509.7 points, or 1.8%. Apple (AAPL) was one of few winners today, topping the list with an 3% rise. Meanwhile, American Express (AXP) landed at the bottom with a 5.1% drop.

    Meanwhile, the S&P 500 Index (SPX - 3,281.06fell 38.4 points, or 1.2% for the day. The Nasdaq Composite (IXIC - 10,778.80) lost 14.5 points, or 0.1% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 27.78) rose 2 points, or 7.6% for the day.

    IndexesSept21

    NYSESept21

    1. House Democrats released a bill that will fund the government until Dec. 11, but Senate Republicans were quick to criticize. The biggest gripe concerned the lack of farm aid, with Senate Majority Leader Mitch McConnell slamming the lack of aid on Twitter. (CNBC)
    2. U.S. President Donald Trump said he will announce his pick to replace the late, iconic Supreme Court Justice Ruth Bader Ginsberg, by the end of the week. (Reuters)
    3. Bull notes are pouring in for Capri Holdings stock.
    4. More talks concerning LVMH and Tiffany sink the latter's stock.
    5. Comcast stock is falling despite locking in Roku deal.

    There were no earnings of note today.

    UVOL Sept 21

    Data courtesy of Trade-Alert

    Oil and Gold Reverse Course, Fall to Begin New Week

    With the possibility of Libyan production returning and rising coronavirus cases, oil prices fell to begin the last full week of September. Meanwhile, oil production in the Gulf of Mexico is at risk as a tropical storm threatens to disrupt output. October-dated crude shed $1.80, or 4.4%, to settle at $39.31 per barrel for the day.

    Gold fell on Monday as well, sliding to its lowest level in over a month. This fall comes after the September sell-off picked up steam amid uncertainty surrounding additional fiscal stimulus. In response, Gold for December-delivery lost $51.50 or 2.6%, to settle at $1,910.60 an ounce for the day.

     

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