Dow Extends Losing Streak With Another Triple-Digit Drop

Dismal services and manufacturing PMI data weighed on the broader market

Digital Content Manager
Aug 23, 2022 at 4:28 PM
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The Dow shed 154 points for its third-straight triple-digit loss on Tuesday, after yesterday logging its worst single-day percentage drop since June 16. The S&P 500 settled slightly below breakeven, despite the energy sector enjoying tailwinds from talks around potential crude output cuts, while the Nasdaq finished flat.

Zoom Video's (ZM) post-earnings tumble, as well as worse-than-expected services and manufacturing purchasing managers' index (PMI) data, weighed on the broader market. Elsewhere, the Cboe Volatility Index (VIX) nabbed its highest close since July 26.

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

  • Software stock surges on new Snap integration.
  • Calls popped on Halliburton stock as crude rebounded.
  • Plus, unpacking ZM's dismal results; Pinduoduo eyes international expansion; and cloud stock gears up for earnings.

The Dow Jones Average (DJI - 32,909.59) shed 154 points, or 0.5% for the day.  Chevron (CVX) led the gainers, adding 3.2%. Procter & Gamble (PG) paced the laggards with a 1.9% drop.

The S&P 500 Index (SPX -  4,128.73) fell 9.3 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,381.30) lost 0.3 points, or was flat for the session.

Lastly, the Cboe Market Volatility Index (VIX - 24.11) added 0.3 point, or 1.3% for the day.

Closing Indexes Summary August 23

NYSE and Nasdaq Stats August 23

5 Things to Know Today

  1. A whistleblower filed a complaint with the Securities and Exchange Commission (SEC) alleging "extreme, egregious deficiencies" in terms of security, privacy, and content moderation at Twitter (TWTR). (CNBC)
  2. Pfizer (PFE) and BioNTech (BNTX) said an updated analysis showed a three-dose regimen of its Covid-19 vaccine showed 73.2% efficacy in children. (MarketWatch)
  3. Options bears circled Zoom Video stock after the bad revenue miss.
  4. Pinduoduo stock surged on plans to launch an international platform.
  5. The cloud name inching higher ahead of earnings tomorrow.

Earnings August 23

Unusual Options Activity August 23

Oil Pivots Higher as Gold Snaps Losing Streak

Oil prices rose sharply on Tuesday to settle at their highest level in over one week, after Saudi Arabia brought up possible production cuts to support prices as crude inventories drop. Meanwhile, natural gas prices cooled from 14-year highs. October-dated crude rose $3.38, or 3.7%, to close at $93.74 per barrel on the day.

Gold prices finished higher, snapping a six-day losing streak -- their longest since July. Weakness in the U.S. dollar, as well as increased investor anxiety ahead of the annual Jackson Hole Economic Symposium on Friday, contributed to today's pop. December-dated gold added $12.80, or 0.7%, to close at $1,761.20 an ounce.

 

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