Dow Drops 981 Points For Worst Day Since June 2020

Meanwhile, the VIX surged to its highest level since mid March

Deputy Editor
Apr 22, 2022 at 4:29 PM
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The major benchmarks each dropped over 2% today, as the market extended its sharp selloff. The Dow dropped 981 points -- its worst day since June 2020, as all 30 components finished in the red. For the week, the blue-chip index marked its fourth-straight weekly loss, while the S&P 500 and Nasdaq both finished with their third consecutive weekly losses.

Meanwhile, Wall Street's "fear gauge," the Cboe Market Volatility Index (VIX), soared 24.4% to its highest level in over a month. As we near the end of April, investors are still unpacking yesterday's comments from Fed Chairman Jerome Powell while looking ahead to next week's earnings reports from Big Tech. 

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

  • Analysts are blasting this blue-chip chemical stock
  • Cannabis companies making moves amid big week for sales. 
  • Plus, 2 stocks hit with bear notes; and a check-in with SCL before earnings.

The Dow Jones Average (DJI - 33,811.40) fell 981.4 points, or 2.8% for the day, and 1.9% for the week. Procter & Gamble (PG) topped the list of Dow members with a 0.8% drop, while Caterpillar (CAT) sank to the bottom after shedding 6.6%.

The S&P 500 Index (SPX - 4,271.78) lost 121.9 points, or 2.8%, for the day and fell 2.8% for the week. Meanwhile, the Nasdaq Composite (IXIC - 12,839.29) dropped 335.4 points, or 2.6% for the day, and 3.9% for the week.

Lastly, the Cboe Market Volatility Index (VIX - 28.21) added 5.5 points, or 24.4% for the day, and 24.2% for the week.

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NYSE Nasdaq 0422

5 Things To Know Today

  1. To celebrate Earth Day, here are the 10 greenest large companies according to Just Capital. (MarketWatch)
  2. Netflix (NFLX) was in the spotlight this week after its plummet following subscriber losses. There has been plenty of chatter regarding the streaming service cracking down on password sharing, with CEO Reed Hastings looking to “monetize sharing.” (MarketWatch)
  3. Put traders targeted this airliner after today's bear note
  4. Snap stock slammed with price-target cuts after its report. 
  5. Chemical manufacturing name could use a post-earnings boost

Earnings 0422

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Oil, Gold Finish Week Lower

Oil prices fell for the day to secure a weekly loss. June-dated West Texas Intermediate (WTI) crude shed 1.7%, to settle at $102.07 a barrel, and lost 4.1% for the week. 

Gold futures fell for the fourth-straight day, pulling back from Monday's five-week high to end the week lower. June-dated gold dropped $13.90, or 0.7%, to settle at $1,934.30 an ounce for the day, and shed 2.1% for the week.  

 

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