The Dow extended its fall despite Procter & Gamble's impressive earnings
U.S. markets closed lower today, fresh off yesterday's steep losses amid this morning's rise in treasury yields. The tech-heavy Nasdaq closed lower despite a battle between breakeven most of the last hour of trading, while the Dow marked its fourth-straight triple-digit loss. Meanwhile, Wall Street's so-called "fear gauge," or VIX, marked its highest close since Dec. 6. Airline earnings are on the horizon, likely a focus for options traders in the coming days.
Continue reading for more on today's market, including:
- Venture name buzzing after trading frenzy.
- Bulls flock to SOFI on regulatory approval.
- Plus, a pre-earnings stock breakdown; the bearish alarm sounding; and the latest on Broadcom's current pullback.
The Dow Jones Average (DJI - 35,028.65) shed 339.8 points, or 1% for the day. Procter & Gamble (PG) led the gainers today, adding 3.4%, and Boeing (BA) paced the laggards with a 3.5% fall.
The S&P 500 Index (SPX - 4,532.76) moved 44.4 points lower, or 1%, while the Nasdaq Composite (IXIC - 14,340.26) dropped 166.6 points, or 1.2%, for today's session.
Lastly, the CBOE Volatility Index (VIX - 23.85) added 1 point, or 4.7% for the day.
- California Governor Gavin Newsom is expanding a program that will allow students at 45 colleges and universities to volunteer and receive $10,000 in tuition allowance. (Bloomberg)
- A "walled garden risk" is on the list of potential outcomes of the buzz-worthy Activision Blizzard (ATVI) and Microsoft (MSFT) buyout for GameStop (GME), says Jefferies' analyst Stephanie Wissink. (MarketWatch)
- A quick pre-earnings breakdown of Colgate stock.
- This sentiment survey looks to be sounding a bearish alarm.
- Why the Broadcom stock pullback may be over soon.
Oil Climbs, Extends 2014 High
Oil looks to be a commodity ready to make the most of its most recent rally, extending its 2014 highs in today's session. Supply worries also eased, as a repair was made on the recently damaged Kirkuk-Ceyhan pipeline. February-dated oil added $1.53, or 1.8%, to finish at $86.96 for the day.
Gold also enjoyed a lift in Wednesday's trading, marking a fresh two-month high as treasury yields ease later in the day. February-dated gold tacked on $30.80, or 1.7%, to close at $1,843.20 per ounce.