Well, we haven’t seen this in awhile!
The major indices were deep in the red at the open. And it only got worse.
The DOW was down over 400 points in the afternoon. And the VIX (aka Fear Index) rallied to 6-month highs as profit-taking and bond dumping kept the bears in charge.
This time, “buying the dip” didn’t pan out and we closed near session lows.
Stocks finished lower for the 2nd day in the row. It was the first back-t0-back loss for the S&P this year and the biggest losing day since August.
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Here’s where the major indices ended the day:
- The S&P finished 1.1% lower. Down 31 points, the S&P ended at 2,822.
- The DOW ended 1.4% lower. Dropping 363 points, the DOW closed at 26,077.
- The NASDAQ was down 0.9%. With a 64 point loss, the NASDAQ finished at 7,402.
- Bitcoin lost 9.3%. Dropping $1,031, Bitcoin is trading at $10,035.
Crude Oil (CL) finished lower for the 2nd day in a row. Down 1.6%, CL ended at $64.49 a barrel.
It was a rough day for healthcare stocks after news that Warren Buffett, Jeff Bezos, and Jamie Dimon are forming a healthcare company together. They’re looking to create a company ‘free of profit-making incentives and constraints’ that will provide U.S. workers and families with better options. UnitedHealth (UNH) dropped 4.4%, Aetna (AET) was down 3.0%, and CVS (CVS) lost 4.1% and the rest of the crew sank on the news.
There were more cryptocurrency concerns pushing Bitcoin lower today. This time it was news that Bitfinex & Tether are getting subpoenaed by the CTFC.
The virtual currencies are supposed to be pegged to the dollar and backed by U.S. dollars held in reserve. Both the CFTC and the company’s CEO have refused to comment on the subpoenas, but some traders wonder if the dollar reserves are really there. The news stirred up some worry in the crypto markets, sending Bitcoin below the $10,000 mark again.
MetLife (MET) got smacked after reporting some pension accounting issues on top of an SEC inquiry. MET was down 8.6% today.
McDonald’s (MCD) reported earnings this morning before the open. It chopped around a bit before going lower. Then investment research firm Hedgeye came out with the burger joint as a top short idea, sending it lower. MCD ended with a 3.0% loss.
Looking at earnings, we have Electronic Arts (EA), Align (ALGN), and Advanced Micro Devices (AMD) reporting after the bell.
Tomorrow is a busy day for the economic calendar. But the real focus will be on the FOMC Statement at 2:00pm ET. It will be Janet Yellen’s last meeting as Fed Chair. Other reports tomorrow include: ADP Non-Farm Employment Change at 8:15am ET, Chicago PMI at 9:45am ET, Pending Home Sales at 10:00am ET, and Crude Oil Inventories at 10:30am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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