AAL

Dow Runs Out of Steam, Joins Stock Selloff

The Cboe Volatility Index (VIX) keeps climbing

Managing Editor
Jul 18, 2024 at 4:24 PM
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Stocks extended their recent selloff today, with investors hitting the e-brake on summer gains. The Dow snapped a six-day win streak with a 533-point drop, its worst single-session decline since May 23. The S&P 500 finished deep in the red as well, while the Nasdaq logged a second-straight triple digit loss as the tech rotation intensified. As profit taking grips Wall Street, the Cboe Volatility Index (VIX) rattled off its fourth-straight win and highest close since April 24. 

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

  • 3 airline stocks grounded lately. 
  • Not even an upgrade could save Gap stock today.
  • Plus, tech rotation fallout; a beauty stock with upside; and Microsoft's bull signal.

Summary 0718

NYSE Nasdaq 0718

5 Things to Know Today 

  1. Federal Reserve's 'beige book' paints a bleak picture. (MarketWatch)
  2. European Central Bank (ECB) may not be done cutting interest rates. (Bloomberg)
  3. 2 stocks impacted by the tech rotation.
  4. elf Beauty stock has contrarian potential.  cx 
  5. Time to buy the dip on Microsoft?

Earnings July 18

UVOL 0718

Commodities Cool as Stock Selloff Takes Centerstage

Oil prices were more muted today. August-dated West Intermediate (WTI) crude lost three cents to settle at $82.82 per barrel.

Gold prices cautiously rose today, as momentum for a September rate hike reaches full team. August-dated gold futures were mostly flat, last seen near a record $2,457 an ounce for the day.

 

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