All three major benchmarks closed lower
Wednesday's rally appears to have been short-lived, as the market resumed its selloff in full force. The Dow closed 458 points lower, led by Apple (AAPL), as interest rate concerns once again rose amongst investors. The Nasdaq fell triple digits as well, while the S&P 500 suffered its own steep loss, marking its lowest close of 2022. Additionally, bond yields resumed their rise after yesterday's noteworthy slide.
Continue reading for more on today's market, including:
- Buy the dip on this beaten-down energy name.
- More on Apple stock's tumble.
- Plus, the best bearish options strategies; what sent CarMax stock careening lower; and utility stock brushes off bull note.
The Dow Jones Average (DJI - 29,225.61) dropped 458.1 points, or 1.5% for the session. Travelers (TRV) led the only two winners with a 1.2% rise, while Boeing (BA) landed at the bottom of the list with a 6.1% drop.
The S&P 500 Index (SPX - 3,640.47) shed 78.6 points, or 2.1%, while the Nasdaq Composite (IXIC - 10,737.51) fell 314.1 points, or 2.8%.
Lastly, the Cboe Volatility Index (VIX - 31.84) added 1.7 points, or 5.5%, today.
5 Things to Know Today
- Lithium prices have tripled this year due to a long-term supply shortage and the demand for electric vehicles. (Marketwatch)
- The PGA Tour countersued LIV Golf, as both lobby against each other in congress. (CNBC)
- Bearish options strategies for a bleak market.
- CarMax stock had a dismal post-earnings session.
- PG&E filed to separate its non-nuclear generation assets.
Oil, Gold Fall Lower
Oil futures finished lower, but held above $80 a barrel, as production concerns due to Hurricane Ian simmered down. November-dated West Texas Intermediate (WTI) crude fell 92 cents, or 1.1%, to settle at $81.23 barrel.
Gold prices moved lower as well, as bond yields resumed their climb. December-dated gold dropped $1.40, or nearly 0.1%, to settle at $1,668.60 per ounce.