Dow, Nasdaq Stage Sharp Drops as 'Fear Gauge' Rises
A tech selloff led by Apple's (AAPL) decline, as well as a weaker-than-expected ISM services index pressured Wall Street on Tuesday. Both the Dow and Nasdaq shed triple digits, their worst single-session drops since Feb. 13. The S&P 500 fell as well, putting all three major indexes further away from their recent highs. Amid the tumult, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), recorded its best daily percentage pop since Feb. 13.
Continue reading for more on today's market, including:
- History says bail on bank stocks for now.
- Foot Locker stock laces up for earnings.
- Plus, China headwinds ding tech; GTLB's slump; and Target's earning beat.
5 Things to Know Today
- Apple is facing stiff competition in the world's second-largest economy. (CNBC)
- Dartmouth College's Men's basketball team voted to unionize. (Reuters)
- China headwinds pressured 2 tech stocks.
- Unpacking GitLab stock's steep bear gap.
- Target stock brushed off a weak sales forecast.
Bullion Marks 3rd-Straight Win, Record High
Oil prices settled lower as investors weighed energy demand against China's economic plans. For the session, April-dated West Texas Intermediate (WTI) crude shed 59 cents, or roughly 0.8%, to finish at $78.15 per barrel.
Conversely, gold prices rose for a third-straight session to secure another record high. The precious metal's bump came amid expectations that the Federal Reserve will cut interest rates soon. April-dated gold rose $15.60, or 0.7%, to settle at $2,141.90 per ounce.
