All three benchmarks moved lower today
The Dow and Nasdaq dropped triple digits today, while the S&P 500 finished in the red as well, as stocks resumed their fed-induced slide. Investors unpacked better-than-expected initial weekly jobless claims of 213,000 for last week, but retail sales and manufacturing data weighed on sentiment, as both pointed to an economic slowdown. Also dragging the market is Adobe (ADBE), following its latest buyout deal.
Continue reading for more on today's market, including:
- More on the Adobe stock setback.
- Laying out some options strategies for a volatile market.
- Plus, why options bulls targeted JWN; 2 railroad stocks making moves; and WYNN receives an upgrade.
The Dow Jones Average (DJI - 30,961.82) lost 173.3 points, or 0.6% for the day. UnitedHealth (UNH) led the gainers with a 2.6% rise, while Salesforce (CRM) landed at the bottom of the list with a 3.4% drop.
The S&P 500 Index (SPX - 3,901.35) shed 44.7 points, or 1.1% for the day, while the Nasdaq Composite (IXIC - 11,552.36) dropped 167.3 points, or 1.4%.
Lastly, the Cboe Volatility Index (VIX - 26.27) added 0.1 point, or 0.4%.
5 Things to Know Today
- The Ethereum (ETH) network completed its merge, which has been highly anticipated by those in the crypto market. (CNBC)
- Tennis legend Roger Federer, who became one of the only athletes to earn $1 billion, just announced his retirement. (MarketWatch)
- Call traders have been targeting Nordstrom stock lately.
- 2 stocks making moves as railroad companies enter the spotlight.
- Analyst praises casino stock over sector peers.
Oil, Gold Drop Lower
Oil prices moved sank today, dropping to their lowest mark in a week amid demand concerns. October-dated West Texas Intermediate (WTI) crude fell $3.38, or 3.8%, to settle at $85.10 a barrel.
Gold futures fell for the third-straight day to their lowest level since April 3, 2020, as the U.S. dollar strengthened and Fed fears loomed. December-dated gold dropped $31.80, or 1.9%, to settle at $1,677.30 an ounce.