Dow Drops Over 500 Points for 4th-Straight Loss
Stocks fell sharply today, brushing off more encouraging inflation data as the market succumbed to trade policy fatigue. The Dow fell 537 points for its fourth consecutive loss, falling below the psychologically significant 41,000 level and extending last session’s six-month lows. The Nasdaq dropped triple-digits as well, while the S&P 500 joined the tech-heavy index in correction territory. Meanwhile, increased tension between Republican and Democratic parties has concerns swirling of a potential government shutdown, as the latest spending bill struggles to pass.
Continue reading for more on today’s market, including:
- 2 tech stocks crumbled on downbeat guidance.
- Software stocks under pressure this week.
- Plus, how day trading works; retail stock enjoying a much-needed boost; and behind IREN’s upgrade.
5 Things to Know Today
- What Rocket’s (RKLB) billion-dollar acquisition of Redfin (RDFN) could mean for homebuyers. (Marketwatch)
- After nearly three decades, Donatella Versace is stepping down as creative director of Versace. This comes amid news that Capri Holdings (CPRI) is considering selling the brand. (The New York Times)
- The basics of day trading with options.
- Why Dollar General stock bucked the selloff.
- Analyst: Bitcoin mining stock poses attractive entry point.
Bullion Nears $3,000 Amid Inflation Slowdown
Oil prices finished lower after the International Energy Agency’s (IEA) monthly report reiterated demand concerns. April-dated West Texas Intermediate (WTI) crude fell $1.13, or 1.7%, to settle at $66.55 a barrel.
Gold climbed today as investors once again swarmed the safe haven amid slowing inflation rates and weakness on the broader economic sector. U.S. gold futures rose 1.7% to $2,997 an ounce, nearing the key $3,000 level.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
