Dow Drops 353 Points; Tech, Jobs Data Weigh Heavy

Tech, a former champion off the coronavirus-ridden market, deepened its sell-off, weighing heavy on the broader market. The Dow plummeted over 350 points, as Microsoft (MSFT) and Apple (AAPL) both dropped over 4% in today's session. The Nasdaq and S&P 500 closed the day in the red as well, weighed down by dismal weekly jobless claims-- with initial claims coming in over 1 million for the 18th week straight.

  • More potential upside on the horizon for LEN. 
  • Chipotle stock hot after earnings beat. 
  • Plus, airline stock suffers on quarterly report; SHOP lands double dose of bull notes; Calls have been popular for this tech stock. 

The Dow Jones Industrial Average (DJI - 26,652.33) fell 353.5 points, or 1.3% for the day. Cisco Systems (CSCO) rose to the top of the Dow, finishing 1% higher, while Apple (AAPL) found its way to the bottom, losing 4.6%.

Meanwhile, the S&P 500 Index (SPX - 3,235.66) lost 40.4 points, or 1.2% for the day, and the Nasdaq Composite (IXIC - 10,461.42) dropped 244.7 points, or 2.3% for today's session.

The Cboe Volatility Index (VIX - 26.08) gained 1.8 points, or 7.2%, for the day.

Closing Indexes Summary July 23

NYSE and Nasdaq Stats July 23

5 Items on Our Radar Today

  1. Various U.S. states are investigating Apple (AAPL) for potentially deceptive actions toward consumers. (Reuters)
  2. SpaceX is raising money for some out-of-this-world ambitions. According to the documents, the company is planning to raise $500 million to $1 billion. (CNBC)
  3. Airline earnings has options bears coming out of the woodwork. 
  4. Shopify stock sees bull notes on "strong recovery." 
  5. Now could be a good time to weigh in on MU options

Corporate Earnings July 23

Unusual Options Activity July 23

Data courtesy of Trade-Alert

Gold Inches Closer to Record High

Oil prices were little-changed today, with the increase in U.S. crude supplies as well as progress toward a vaccine staying in focus. September-dated crude fell 83 cents, or 2%, to settle at $41.07 a barrel. 

Gold futures rose to end just shy of their highest recorded settlement, amid coronavirus concerns and weakness in the U.S. dollar. Gold for August rose $24.90, or 1.3%, to settle at $1,890 an ounce, less than $2 below the 2011 record of $1,891.90.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Latest Markets Videos


Schaeffer's Investment Research, Inc. has been providing stock market publications, market recommendation services and stock option education since its inception in 1981 by founder and CEO, Bernie Schaeffer.

Learn More