The Dow suffered its worst day since July
The banking sector bust looks to be resuming, after Fitch said it may downgrade credits of several finance giants after recently slamming the U.S. with an AA+ rating. This, combined with weak economic data out of China pressured three indexes today. The Dow suffered its worst day since early July, while the S&P 500 and Nasdaq trailed with notable losses of their own.
Continue reading for more on today's market, including:
- 2 bank stocks slide on Fitch alarm.
- Finance name supplies optimal entry point.
- Plus, an oil stock slide; BRK's latest stake; and Sea stock gets slammed.
5 Things to Know Today
- Investor interest in the cannabis sector is waning, with one exchange traded fund (ETF) set to close-up shop. (CNBC)
- Movie theater giant AMC Entertainment (AMC) is in recovery mode after a revised stock conversion plan received approval, sending the shares plummeting Monday. (MarketWatch)
- Behind the latest oil stock slide.
- Berkshire's latest stake comes in at over $700 million.
- Sea stock slammed to multi-year lows.
Gold, Oil Struggle for Another Session
Interest rate cuts in Beijing weighed heavy on crude prices. September-dated oil shed $1.52, or 1.8%, to settle at $80.99 per barrel.
Precious metal gold fell to four-week lows today, struggling on the heels of a rising dollar and bond yields. December-dated gold lost $8.80, or 0.5%, to settle at $1,935.20 an ounce.