Stocks Lose 5 Straight; Dow in Bear Market

Global currency concerns rocked Wall Street today

Deputy Editor
Sep 26, 2022 at 4:31 PM
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The Dow closed over 300 points lower, finishing in bear market territory and securing its fifth-straight daily loss alongside the S&P 500 and Nasdaq. Unsurprisingly, the Cboe Volatility Index (VIX) -- Wall Street's "fear gauge" -- finished at its highest level since mid June. 

Last week's rate hike from the Fed is still at the center of the action. The Fed's aggressive stance has caused the U.S. dollar to surge, potentially hurting foreign trade, with news that the British pound hit a record low against the dollar reverberating through the market today. Bond yields are continuing to rise as well, and the 2- and 10-year notes both hit their highest levels since 2007 and 2010, respectively.

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

The Dow Jones Average (DJI - 29,260.81) fell 329.6 points, or 1.1%. Walmart (WMT) led the winners with a 0.9% rise, while Travelers (TRV) was the worst performer with a 3.1% drop. 

The S&P 500 Index (SPX - 3,655.04) dropped 38.2 points, or 1%, while the Nasdaq Composite (IXIC - 10,802.92) shed 65 points, or 0.6%. 

Lastly, the Cboe Volatility Index (VIX - 32.26) added 2.3 points, or 7.8%.

closing index summary sept 26 22

nyse and nasdaq sept 26

5 Things to Know Today

  1. A small New Jersey deli has drawn plenty of attention, with three men accused of four counts of manipulation of securities, four counts of wire fraud, and a count of money laundering.  (CNBC)
  2. According to research done by Deutsche Bank, global bonds are currently in their first bear market in 76 years. (Reuters)
  3. Upgrade lifts Planet Fitness stock off a 2-year low
  4. Analysts praises one rideshare name over another. 
  5. Why options traders have been bullish toward Dollar Tree stock.

There were no earnings of note today. 

uvol sept 26

Oil, Gold Extend Lows

Oil futures dropped for the second session, extending Friday's multi-month lows. November-dated West Texas Intermediate (WTI) crude $2.03, or 2.6%, to settle at $76.71 barrel -- the lowest front-month contract finish since early January. 

Gold fell for the second day as well, hitting their lowest level since April 2020. December gold $22.20, or 1.3%, to settle at $1,633.40.  

 

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