The Dow fell over 725 points today
The Dow closed over 725 points lower today, its worst day since October of 2020. The blue-chip index plummeted 946 points at its session lows, as fears concerning the international surge in delta variant Covid-19 cases among the unvaccinated gripped Wall Street. The S&P 500 and Nasdaq finished firmly in the red as well. Investors once again turned to stay-at-home stocks over reopening plays -- a common trend in the pandemic-era market. The 10-year Treasury yield didn't escape today's pessimism either, earlier hitting a five-month low. Meanwhile, tensions between the U.S. and China simmered after the Biden administration, joined by the European Union and Britain, put blame on China for the Microsoft Exchange email hack earlier this year.
Continue reading for more on today's market, including:
- AutoNation reports upbeat earnings on strong demand.
- Is Marvel stock ready for another go at its record highs?
- Plus, what's going on with EL; behind AMC's plummet; and CALM's surprise quarterly losses.
The Dow Jones Average (DJI - 33,962.04) dropped 725.8 points, or 2.1%. All 30 Dow components settled lower today. Procter & Gamble (PG) was at the top of the list today, shedding just 0.1%, while Boeing (BA) landed at the bottom of the list with an 4.9% loss.
Meanwhile, the S&P 500 Index (SPX - 4,258.49) shed 68.7 points, or 1.6%, and the Nasdaq Composite (IXIC - 14,274.98) lost 152.3 points, or 1.1%.
Lastly, the Cboe Volatility Index (VIX - 22.50) added 4.1 points, or 22% for the day.
- GlobalFoundries, the chip company that Intel is reportedly in talks to buy, has made significant expansion plans in the U.S. (MarketWatch)
- Andreessen Horowitz has promoted 30-year-old Arianna Simpson to help run the world's largest crypto fund. (CNBC)
- A peek at EL after its recent record highs.
- Reopening anxiety weighs on AMC Entertainment stock.
- CALM continues its downward trend after earnings.
Oil, Gold Drop Lower
Oil prices plummeted today, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to boost oil production -- phasing out production cuts. August-dated crude fell $5.39, or 7.5%, to settle at $66.42 a barrel, their biggest one-day loss since September.
Gold fell for the second-straight session, coming off of a modest 0.2% weekly win. August-dated gold dropped $5.80, or 0.3%, to settle at $1,809.20 an ounce.