The Dow shed triple digits on Tuesday
It was a shaky day on Wall Street, with the major indexes swinging to sizable midday leads before shrinking back below their respective breakeven levels. The Dow struggled for direction before eventually logging a 192-point drop, while the Nasdaq and S&P 500 finished the day with muted losses. Traders are grappling for a catalyst right now, with a pivotal earnings season just ahead and the weakening global economy looming large. The fear has many dumping riskier assets in favor of the U.S. dollar -- a noted traditional safe haven -- which has risen roughly 13% so far this year.
Continue reading for more on today's market, including:
- What analysts are saying about JPMorgan Chase stock before earnings.
- Another bank stock gearing up for its quarterly report.
- Plus, a technical look at CTLT; CSX blasted by options bears; and AXP gets a downgrade.
The Dow Jones Average (DJI - 30,981.33) shed 192.5 points, or 0.6% for the day. Boeing (BA) led the gainers, adding 7.4%. Salesforce (CRM) paced the laggards with a 4.6% fall.
The S&P 500 Index (SPX - 3,818.80) lost nearly 35.6 points, or 0.9% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,264.73) shed 107.9 points, or nearly 1% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 27.29) added 1.1 point, or 4.3% for the day.
5 Things to Know Today
- The euro touched its lowest level since December 2002, falling to $0.9998 against the U.S. dollar, meaning it hit parity with the dollar for the first time in 20 years. (CNBC)
- Measures are being taken in the U.S. to combat the quickly spreading BA.5 omicron variant of the Coronavirus, with President Joe Biden outlining a strategy that includes a access to vaccines, treatments, and tests. (MarketWatch)
- Breaking down Catalent stock's technical performance.
- Why options bears were targeting struggling CSX stock today.
- This credit card name was slammed with bear notes.
Gold Hits Lowest Settlement Since September 2021
Oil futures dropped once again on Tuesday, settling back below the $100 level to their lowest close since April, as investors predict a weakness in demand for the black gold. August-dated crude lost $8.25, or 7.9%, to finish at $95.84 per barrel for the day.
Gold strung together its second-straight daily drop as well as its lowest settlement since September 2021, as the dollar's strength showed no signs of flagging. August-dated gold lost $6.90, or 0.4%, to close at $1,724.80 an ounce.