Stocks Log 3rd-Straight Day of Losses as Selloff Continues

The 10-year Treasury yield once again hit 3-year highs

Deputy Editor
May 9, 2022 at 4:33 PM
facebook twitter linkedin


Wall Street logged its worst close of 2022, after all three benchmarks earlier hit 52-week lows. The 10-year Treasury yield once again soared to its highest level since 2018, while rising interest rates -- amid increasing recession fears -- dented major technology names as well as consumer stocks.

Fresh off its sixth-straight weekly loss, the Dow today logged its third-consecutive daily drop after falling more than 650 points. Meanwhile, the S&P 500 plunged below 4,000 for the first time in over a year, closing deep in the red alongside the tech-laden Nasdaq. Each also scored their third-straight session of losses, while the Cboe Market Volatility Index (VIX) finished at its highest level since March 8.

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

  • Why now is the time to buy Mr Cooper stock.
  • This mining name is a favorite for options traders.
  • Plus, Ford offloads EV shares; BioNTech reiterates guidance; and 3 resistance levels to watch.

The Dow Jones Average (DJI - 32,245.70) shed 653.7 points, or 2% today. Of the Dow components, seven walked away with a win today, led by 3M's (MMM) 1.9% pop. Boeing (BA) shed 10.5%, far and away the worst blue-chip performer today.

The S&P 500 Index (SPX - 3,991.24) fell 132.1 points, or 3.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,623.25) lost 521.4 points, or 4.3% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 34.75) rose 4.6 points, or 15.1%.

Indexesmay9

NYSEmay9

5 Things to Know Today

  1. Russian President Vladimir Putin is reportedly creating a team to handle terms for transactions with "unfriendly" states.  (Reuters).
  2. U.S. President Joe Biden has helped eligible U.S. households obtain internet plans that cost $30 a month or less. (MarketWatch)
  3. Why Ford sold its shares of this EV maker.
  4. BioNTech stock inches higher after earnings.
  5. Schaeffer's Senior V.P. of Research Todd Salamone has 3 resistance levels for traders to watch.

earningsmay9

UVOLmay9

Oil Sheds More Than 6% To Begin Week

Oil prices suffered a sharp dive to start off the week, dragged lower by China's weak trade data and Wall Street's ongoing selloff. For the session, June-dated crude shed $6.68, or 6.1%, to close at $103.09 per barrel.

Gold futures tumbled as well, logging their worst day in a week, as investors flocked to the precious metal for safety from the Federal Reserve's boosted interest rates. Specifically, June-dated gold dipped $24.20, or 1.3%, to settle at at $1,858.60 an ounce today.

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 

300x250 - Banner 3 - v1