Stocks started off strong, as traders weighed mixed data on inflation and retail sales . However, escalating concerns of a trade war with China ultimately sent the Dow down triple digits for the third straight day. Boeing ( BA ) was the biggest loser on the blue-chip index, amid fears the company could be targeted for tariff retaliation from Beijing. The S&P and Nasdaq also finished lower, with the former slumping for a third straight day.
Continue reading for more on today's market, including:
- 2 Apple suppliers that could suffer in a trade war.
- The Equifax exec charged with insider trading.
- Upbeat drug data sent Valeant stock soaring today.
- Plus, the stock being compared to Amazon; a Broadcom earnings preview; and a chip stock with room to run.
The Dow Jones Industrial Average (DJI - 24,758.12) finished down 248.9 points, or 1%. Today saw five Dow components close in positive territory, led by Cisco Systems ( CSCO ) with a 0.3% gain. BA was the worst performer, shedding 2.5%.
The S&P 500 Index (SPX -2,749.48) gave back 15.8 points, or 0.6%. The Nasdaq Composite (IXIC - 7,496.81) lost 14.2 points, or 0.2%.
The Cboe Volatility Index (VIX - 17.23) finished 0.9 point, or 5.4%, higher.
5 Items on Our Radar Today
- Larry Kudlow, economic analyst and television commentator, will be the new Director of the National Economic Council . Kudlow accepted President Trump's offer today, and will replace former director Gary Cohn, who quit last week amid a disagreement over steel imports. Kudlow was a former aide to President Ronald Reagan. ( MarketWatch )
- Bitcoin fell roughly 10% today, touching a new one-month low, after Google announced a plan to ban cryptocurrency advertising. Google is the second tech company to issue such a ban, with Facebook taking action in January. ( CNBC )
- Analyst: Square stock looks "like Amazon in its early days."
- Call buying is heating up on Broadcom stock ahead of earnings.
- Nvidia stock could see record highs on the horizon.
Data courtesy of Trade-Alert
Oil Cautiously Higher, Gold Slightly Lower
April-dated crude futures rose 25 cents, or 0.4%, to end at $60.96 per barrel. Prices were put under pressure by a larger-than-expected rise in U.S. crude inventories, but ultimately edged on a decline in gasoline stockpiles.
Gold futures for April delivery gave back $1.50, or 0.1%, to close at $1,325.60 an ounce. A rising dollar weighed on the metal, but fears of a trade war limited gold's decline.