Both the Dow and Nasdaq finished the day with triple-digit losses
Stocks extended their midday deficits to finish the day firmly lower, as investors unpacked this morning's pending home sales and manufacturing data. The Dow dropped 365 points as the energy sector weighed on the index, with J.P. Morgan Chase (JPM) the only Dow member to finish the day higher. The S&P 500 and Nasdaq both fell, the latter logging a second-straight triple-digit loss and its lowest close of 2022.
Continue reading for more on today's market, including:
- Biotech stock skyrockets on FDA update.
- Two chip stocks to watch amid oversupply issues.
- Plus, two Dow underperformers; GNRC bounces; and a meme stock at annual low.
5 Things to Know Today
- It was a rough year for tech, with $5.2 trillion in market cap gone from these 10 stocks. (MarketWatch)
- South Korean President Yoon Suk-yeol has made comments regarding the North Korean drones that entered South Korea on Monday, the first intrusion of such since 2017. (Reuters)
- These are the two worst Dow stocks in 2022.
- Generac stock is further removing itself from recent lows.
- AMC CEO requests pay freeze as shares fall.
There were no earnings of note today.
Gold Hanging On to $1,800
Oil prices settled cautiously lower today. West Texas Intermediate (WTI) crude for January delivery lost 57 cents, to settle at $78.96 per barrel.
Gold prices settled lower, though still above $1,800 per ounce. February-dated gold dropped $7.30, or 0.4%, to settle at $1,815.80 per ounce.