Both the Nasdaq and Dow lost triple digits
Monday's healthy gains were quickly erased after Moody's derailed the banking sector. Both big and small financial institutions were hit hard, while investors also turned their attention to United Parcel Service (UPS), which handed out weak quarterly revenue. Both the Dow and Nasdaq suffered triple-digit drops, while the S&P 500 backpedaled 19 points.
Continue reading for more on today's market, including:
- 2 bank stocks dinged by the downgrade.
- History says travel giant may close its bear gap.
- Plus, 2 home stocks sinking; pharma name hits a record; and bears back biotech.
5 Things to Know Today
- Credit card indebtedness in the U.S. pushes through the $1 trillion mark. (CNBC)
- Despite yesterday's CFO exit news out of Tesla (TSLA), Zachary Kirkhorn is expected to be worth nearly $600 million. (Bloomberg)
- Home improvement stocks struggled after bear note.
- Earnings pushed pharma name to record highs.
- Biotech bears broke the bank with puts.
Gold Lower for Second Day on Bank Blunder
Crude prices shook off demand worries, ending the session higher. September-dated crude added 12 cents, or 0.1%, to settle at $82.06 per barrel.
It was another day in the red for gold prices, weighed down by weak earnings and bank stocks. December-dated gold fell $10.10, or 0.5%, to settle at $1,959.90 an ounce.