Major Indexes Settle Into Steep Quarterly Losses

All three indexes posted monthly wins however

Digital Content Manager
Mar 31, 2022 at 4:36 PM
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The Dow dropped triple digits on Thursday, shedding 550 points as investors wrapped up the month of March and the first quarter of 2022. The Nasdaq and S&P 500 also dropped lower today. Tech took a hit after several analysts expressed concern over the long-term health of the PC market, while blue chips were dragged by index member Walgreens Boots Alliance's (WBA) post-earnings plummet. All three indexes managed to take home notable monthly gains, but suffered steep losses for the quarter. This marks the S&P 500's first quarterly deficit since 2020.

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

  • The rallying healthcare stock that options bulls need to know about. 
  • Why Amazon is ramping up its anti-union efforts.
  • Plus, 4 fintech stocks to watch; breaking down Disney stock; and 2 computer names hit with bear notes.

The Dow Jones Average (DJI - 34,678.35) lost 550.5 points, or 1.6% for the day. All 30 index members fell, Caterpillar (CAT) seeing the slimmest loss, dropping 0.1%, while Walgreens Boots Alliance (WBA) saw the deepest loss with a 5.7% drop. The Dow added 2.3% for the month and dropped 4.6% for the quarter. 

The S&P 500 Index (SPX - 4,530.41) shed 72 points for the day, or 1.6%. It added 3.6% for the month and lost nearly 5% for the quarter. Meanwhile, the Nasdaq Composite (IXIC - 14,220.52) fell 221.8 points, or 1.5% in today's session. It added 3.5% in March and lost 9.1% for the quarter. 

Lastly, the Cboe Market Volatility Index (VIX - 20.56) added 1.2 points, or 6.4% for the day. It shed 31.8% for the month, and added 19.4% for the quarter. 

Closing Indexes Summary March 31

NYSE and Nasdaq Stats March 31

5 Things To Know Today

  1. Several big names, including Amazon.com (AMZN), Apple (AAPL), and Meta Platforms (FB) were dropped from Comparably's annual ranking of global firms with the best company culture. (CNBC)
  2. U.S. President Joe Biden said on Wednesday that the U.S. is turning a corner on the Covid-19 pandemic, though there are still concerns as cases continue to rise in 14 states, as well as Puerto Rico. (MarketWatch)
  3. Keep these four fintech stocks on your radar right now. 
  4. Is Walt Disney stock still overvalued?
  5. The two big computer names Morgan Stanley downgraded. 

Earnings March 31

Unusual Options Activity March 31

Oil Hits Fresh 2-Week Low

Oil plummeted to its lowest level since March 16 on Thursday, after the U.S. authorized the release of 1 million barrels of oil per day for the next six months -- marking the biggest release from the nation's Strategic Petroleum Reserve in history. Oil dated for May delivery lost $7.54 or 7%, to settle at $100.28 per barrel, though prices rose 4.8% for the month and 33% for the quarter.

Gold on the other hand, continued to rise as the equities market sank even lower and the U.S. dollar softened. The now most active, June-dated gold contract rose $15 or 0.8%, to close at $1,954 per ounce. Prices posted a 2.8% rise in March, and a 6.9% rise for the first quarter.

 

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