The S&P 500 briefly entered bear market territory
The Dow marked its biggest intraday oscillation ever on Monday, dropping more than 1,700 points at its session lows before swinging 2,595 points back into positive territory. The blue-chip index ultimately settled 349 points lower, etching its third-straight drop as recession and global trade war fears continued to dominate the narrative.
Volatility did not spare the S&P 500 and Nasdaq, either, the former briefly slipping into bear market territory before also marking its third consecutive loss, while the latter erased earlier losses as traders rushed to scoop up tech stocks on the dip. Elsewhere, the Cboe Volatility Index (VIX) logged its third-straight gain and topped 60 for the first time since August.
Continue reading for more on today's market, including:
- 3 stocks to watch amid U.S.-China trade tensions.
- Nvidia stock bounces back as options bulls move in.
- Plus, SPX optimism facing an unwind; SBUX downgraded; and a retail stock pops.
5 Things to Know Today
- BlackRock (BLK) CEO Larry Fink said many leaders believe the U.S. economy is slowing down and noted tariffs could rise prices and dash interest rate cut hopes.(CNBC)
- Apple (AAPL) stock is the third Magnificent Seven name to see a "death cross" pattern on the charts, after tumbling 15.9% in the last two sessions. (MarketWatch)
- Why the SPX may have room to run lower still.
- Starbucks stock downgraded on recovery skepticism.
- Retail stock upgraded on on favorable tariff positioning.
There are no earnings of note to report today.
Recession Fears Pressure Oil, Gold Prices
Oil prices settled lower on Monday, with the Organization of the Petroleum Exporting Countries and its allies (OPEC+) output hike, tariffs, China's retaliatory duties, and Saudi Arabia price cuts all adding pressure. May-dated West Texas Intermediate (WTI) crude shed 90 cents, or 1.5%, to finish at $61.23 per barrel for the day, after dipping below $60 earlier.
Gold prices also tumbled, as investors favored the greenback as opposed to the yellow metal as a safe haven as recession fears swirled. At last glance, June-dated gold shed 0.6%, looking to settle near $3,015.80 an ounce for the day.