The Dow kicked off September on a sour note today, logging a 285-point drop. The latest round of U.S.-China tariffs went into effect over the weekend, and China responded in kind by filing a complaint against the U.S. with the World Trade Organization (WTO). A dismal batch of U.S. factory data only exacerbated concerns over a slowing global economy. The S&P 500 and Nasdaq also finished deep in the red, with the Dow and S&P snapping a three-day winning streak.
Continue reading for more on today's market, including:
- How to trade a repeat of 2014 S&P action, courtesy of Schaeffer's Senior V.P. of Research Todd Salamone.
- 2 casino stocks that sank on Macau data.
- This robotics stock just flashed a reliable bear signal.
- Plus, one solar stock tests a key region; rare analyst love for Snap; and why volatility could cool this month.
The Dow Jones Industrial Average (DJI - 26,118.02) recorded a 285.3-point, or 1.1% loss. Boeing (BA) had the worst day of the 21 blue-chip losers, finishing off 2.7%, while Pfizer led the nine Dow advancers with its 1.6% gain.
The S&P 500 Index (SPX - 2,906.27) slid 20.2 points, or 0.7%, while the Nasdaq Composite (IXIC - 7,874.16) closed down 88.7 points, or 1.1%.
The Cboe Volatility Index (VIX - 19.66) added 0.7 point, or 3.6%.
5 Items on our Radar Today
- In the latest Brexit twist, Prime Minister Boris Johnson just lost his working majority in parliament. Phillip Lee defected to the pro-European Union Liberal Democrats from the Conservative party earlier today. Johnson is facing pressure from opposition lawmakers who want to halt no-deal Brexit proceedings. (Reuters)
- Walmart (WMT) announced today it will discontinue sales of short-barrel rifle ammunition and end handgun sales in Alaska. The decision comes after Walmart -- the largest U.S. arms retailer -- faced pressure to change its gun sales policies in the wake of the recent string of mass shootings, including two in its stores over the summer. (CNBC)
- A crucial chart region just came into play for this solar stock.
- One analyst likes Snap's video game potential.
- This signal says stock market volatility could cool this month.
Data courtesy of Trade-Alert
Gold Grabs Highest Close Since 2013
Oil prices plunged today, as China's latest round of tariffs targeted U.S. crude. October-dated crude futures finished down $1.16, or 2.1%, to settle at $53.94 per barrel.
Gold roared higher today, as the stock market sell-off increased demand for the safe-haven asset. Gold for December delivery closed up $26.50, or 1.7%, at $1,555.90 an ounce -- the metal's highest close in six years.
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