Stocks Pivot Sharply Lower in Final Hours of Trading

Profit-taking gripped Wall Street for much of the day

Deputy Editor
Mar 23, 2021 at 4:27 PM
facebook X logo linkedin

After struggling for direction most of the day, stocks finished the session sharply lower, with losses exacerbated in the final hour of trading. On the one-year anniversary of the pandemic bottom, investors moved to profit-taking in reopening stocks as Covid-19 variants cause another uptick in cases globally. The Dow logged a triple digit loss, falling 308 points, while the S&P 500 and the Nasdaq dipped too.  

Wall Street's "fear gauge," the Cboe Volatility Index (VIX), finished the day higher after earlier falling to its lowest point in over a year. Elsewhere, U.S. Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen appeared before the U.S. House Committee on Financial Services, a joint appearance in which the duo reinforced the central bank's monetary policy.

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

  • Call traders flocked to this FAANG name after an upgrade.
  • Dividend investors may want to consider Hormel Food stock.
  • Plus, why analysts love Southwest Airline stock; DISCA takes a breather; and Microsoft popped on buyout buzz.

The Dow Jones Industrial Average (DJI - 32,423.15) fell 308.1 points, or 0.9% today. Procter & Gamble (PG) topped the list of Dow components with a 1.9% rise, while Dow Inc (DOW) fell 4.4% to pace the laggards.

Meanwhile, the S&P 500 Index (SPX - 3,910.52) shed 30.1 points, or 0.8% for the day. The Nasdaq Composite (IXIC - 13,227.70) lost 149.9 points, or 1.1% for the day.

Lastly, the Cboe Volatility Index (VIX - 20.30) rose 1.4 point, or 7.5%, on the day.

Closing Summary 0323

nyse nasdaq 0323

  1. The current bull market celebrated its one-year anniversary today, and here's what investors can expect heading into year two. (CNBC)
  2. Despite promises from Federal Reserve leaders, a number of economists say the central bank will be forced to raise interest rates sooner rather than later. (MarketWatch)
  3. Analyst praise sent this airline stock higher.
  4. Discovery stock took a dip after a downgrade.
  5. Options bulls piled on MSFT following Discord buyout talks.

Earnings 0323

UVOL 0323

Oil Takes Another Breather as U.S. Dollar Strengthens 

Oil prices slipped into correction territory today, dragged down by new lockdown measures and lackluster vaccine distribution in Europe. In addition, a stronger U.S. dollar is putting pressure on black gold, as it makes oil more expensive for those holding other currencies. In response, May-dated crude shed $3.80, or 6.2%, to settle at $57.76 per barrel.

Gold prices tumbled as well, thanks to the strengthening dollar. A dip in Treasury yields kept further losses in check, and investors reacted to the latest latest testimony from Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen. As a result, April-dated gold lost $13, or 0.8%, to settle at $1,725.10 an ounce.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI