All three benchmarks logged fourth-straight losses
Stocks deepened their midday deficits as the market continued its Fed-induced slide, with all three major indexes securing a fourth-straight daily loss. Earlier falling more than 800 points and briefly entering bear market territory, the Dow settled at a 486-point drop to end the day, breaching the psychologically-significant 30,000 level and marking its lowest close since November 2020.
The Nasdaq and S&P 500 also posted sizeable losses, with the latter just barely off its 2022 low. All three indexes marked a second-straight weekly loss. Predictably, the Cboe Volatility Index (VIX) -- Wall Street's "fear gauge" -- surged today, rising to its highest level since June, while bond yields continued their tear higher as well.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 29,590.41) fell 486.3 points, or 1.6% for the day, and 4% for the week. Home Depot (HD) landed at the top of the list today with a 0.7% rise, while Chevron (CVX) was the worst performer with a 6.5% drop.
The S&P 500 Index (SPX - 3,693.23) dropped 64.8 points, or 1.7% for the day, and 4.6% for the week. Meanwhile, the Nasdaq Composite (IXIC - 10,867.93) shed 198.9 points, or 1.8% for the day, and 5% for the week.
Lastly, the Cboe Volatility Index (VIX - 29.92) added 2.6 points, or 9.4% for the day, and 13.7% for the week.
5 Things to Know Today
- Widespread protests in Iran have spread to at least 50 Iranian cities, after the death of 22-year-old Mahsa Amini. (CNBC)
- British markets are reeling after the country's new finance minister Kwasi Kwarteng announced historic tax cuts and huge increases in borrowing. (Reuters)
- Raytheon Technologies beats out sector peers for million-dollar contract.
- Financial Services stock hit with downgrade.
- More issues surrounding Boeing's 737 MAX jets.
Oil Hits Lowest Since January, Gold Drops to 2-Year Low
Oil futures dropped to their lowest level since January amid the recession concerns. November-dated West Texas Intermediate (WTI) crude fell $4.75, or 5.7%, to settle at $78.74 barrel for the day, shedding 7.1% for the week.
December gold settled at their lowest level since April 2020, dropping $25.50, or 1.5%, to settle at $1,655.60 an ounce. For the week, prices ended 1.7% lower.