The major indexes posted steep losses for the second-straight day
Stocks continued their rout, extending yesterday's steep losses as recession fears continued to spread through Wall Street. The Dow finished the day 350 points lower, with bank stocks seeing a notable decline this session. The blue-chip index has now given back over 800 points in the first two trading days of the week. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index, is still continuing higher, now up 15% over the last two days.
Continue reading for more on today's market, including:
- Checking in with a handful of crypto stocks.
- A leading AI name reports earnings tomorrow: what to know.
- Plus, GTLB glides higher; consumer goods stocks downgraded; NRG plummets after new acquisition.
The Dow Jones Industrial Average (DJI - 33,596.34) lost 350.8 points, or 1% for the day. UnitedHealth (UNH) led the winners with a 0.8% rise, while Walt Disney (DIS) landed at the bottom of the list with a 3.8% loss.
The S&P 500 Index (SPX - 3,941.26) dropped 57.6 points, or 1.4% for the day, while the Nasdaq Composite Index (IXIC - 11,014.89) shed 225.1 points, or 2% for today's session.
Lastly, the Cboe Volatility Index (VIX - 22.17) added 1.4 point, or 6.8% for the day.
5 Things to Know Today
- BuzzFeed announced today that it will cut 12% of its workforce, or roughly 180 workers, due to challenging economic conditions. (CNBC)
- Elon Musk's brain-chip company, Neuralink, is being probed by the U.S. Department of Agriculture’s Inspector General due to possible animal welfare violations. (MarketWatch)
- Software stock boosted by beat-and-raise.
- Deutsche Bank downgrades consumer goods stocks.
- NRG Energy to acquire Vivint Smart Home.
Oil Drops to Lowest Price in Nearly a Year
Oil prices fell for the third day, landing at their lowest settlement for a front-month contract since Dec. 23, 2021. West Texas Intermediate (WTI) crude for January delivery dropped $2.68, or 3.5%, to settle at $74.25 a barrel.
Gold prices rose for the day, though still settled below the $1,800 level. February-dated gold added $1.10, or nearly 0.1%, to settle at $1,782.40 per ounce.