Dow Drops Triple Digits as Stocks Extend Second-Quarter Slump

Both oil and gold saw large intraday outperformance

Managing Editor
Apr 2, 2024 at 4:31 PM
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The second quarter isn't off to the best start, with the Dow logging a second consecutive, triple-digit drop this afternoon - its worst daily performance in weeks. Treasury yields are increasing as investor outlook dims over the possibility of interest rate cuts in June, especially as last week's inflation data continues to weigh. The profit taking continued for the tech-heavy Nasdaq, while the S&P 500 trailed closely behind.

Continue reading for more on today's market, including:

  • Chinese e-tail stock hovering near a bearish trendline.
  • Airline stock might not be "Masters of the Air" for long.
  • Plus, retailer to "buy" now; Trump stock gets slammed; and outperforming FAANG stock gets swarmed.

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5 Things to Know Today

  1. Preceding U.S. Treasury Secretary Janet Yellen's visit to China, President Joe Biden held a phone call with Chinese President Xi Jinping. (CNBC)
  2. The bird flu was detected in Texas at a Cal-Maine Foods (CALM) plant, which impacted upwards of 1.6 million laying hens. (MarketWatch
  3. Brokerage firm says this retailer is a must buy.
  4. Trump stock slammed by lackluster revenue.
  5. Options traders swarm outperforming Amazon stock.

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Oil, Gold Surge Alongside Middle East Tensions

As tensions in the Middle Easter continue to heighten, crude prices follow suit. For the first time since October, May-dated West Texas Intermediate (WTI) rose $1.44 or 1.7%, to finish at $85.15 per barrel.

Also riding on the heels of international tension is gold, with the precious commodity pushing to record highs and brushing off a strong U.S. dollar. June-dated gold finished up $24.70 or 1%, at $2,281.80 per ounce.

 

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