Record Climb in Coronavirus Cases Sends Stocks Spiraling

Second stimulus hopes continue to fade

Assistant Editor
Oct 26, 2020 at 4:31 PM
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Today's plummet due to a record daily high in U.S. coronavirus cases ended with the Dow turning in a 650-point loss, its worst single-session drop since Sept. 3. The blue-chip index was down over 900 points at its session lows, while the S&P 500 and Nasdaq closed firmly in the red as well. As earnings season hits high gear and Election Day looms, fading second stimulus hopes amid Washington D.C.'s gridlock also weighed. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), snapped a four-day losing streak and logged its highest close since Sept. 10.

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

  • Options bulls are circling AMD ahead of earnings. 
  • Support is in place for Plug Power stock.  
  • Plus, coffee giant climbs on acquisition buzz; bank stock slammed with bear notes; and the home construction stock slipping.

The Dow Jones Industrial Average (DJI - 27,685.38) fell 650.2 points, or 2.3%. Apple (AAPL) topped the Dow with a marginal gain, while American Express (AXP) landed at the bottom with a steep 4.1% loss. 

Meanwhile, the S&P 500 Index (SPX - 3,400.97) dropped 64.4 points, or 1.9%, while the Nasdaq Composite (IXIC - 11,358.94) lost on 189.4 points, or 1.6% for the day.

Lastly, the Cboe Volatility Index (VIX - 32.46) gained 4.9 points, or 17.8%. 

Closing Summary 1026

NYSE Nasdaq 1026

  1. With eight days to go until the presidential election, early voting is continuing at a historic pace. (Reuters)
  2. The Trump administration announced a series of new sanctions against Iran's petroleum sector. The Treasury Department also targeted organizations associated with the ministry of petroleum. (CNBC)
  3. Billion-dollar buyout talks boost Dunkin' stock. 
  4. KeyCorp stock drops on Wedbush downgrade
  5. TOL tilts lower despite analyst bull note. 

Earnings 1026

UVOL 1026

Gold Logs Fifth Win in Six Days

Oil futures moved lower today, as mounting COVID-19 cases pressure the market. Plus, news that Libya is in the process of heightening oil production -- put more stress on the lack of energy demand. December-dated crude fell $1.29, or 3.2%, to settle at $38.56 a barrel. 

Gold futures settled higher for its fifth win in six session, as the demand for the safe-haven asset rises amid building coronavirus panic. December gold rose 50 cents to settle at $1,905.70 an ounce. 

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