Well that was quick.
After being up nicely in November, stocks have erased most of the month’s gains following back-to-back-to-back losses.
Things were rocky from the start today.
After a lower open, stocks continued to slide all morning long. There was a pause in the sell-off around 11:30am ET. Then the major indices traded sideways until another push lower into the close.
Today it was Apple (AAPL) weighing on the markets. Down 5.0%, Apple closed at levels not seen since July.
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Here’s where the major indices ended the day:
- The S&P finished with a 2.0% loss. Down 55 points, the S&P ended at 2,726.
- The DOW ended 2.3% lower. Dropping 602 points, the DOW closed at 25,387.
- The NASDAQ was down 2.8%. With a 206 point loss, the NASDAQ finished at 7,201.
- Bitcoin finished lower by 0.5%. Down $30, Bitcoin ended at $6,290.
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Crude Oil (CL) had another losing day and is now on an 11-day losing streak, its longest losing streak ever! After being up as much as 1.8%, CL finished with a 0.4% loss at $59.93 a barrel.
Today’s drop in Apple (AAPL) was largely tied to Apple supplier Lumentum (LITE). The company cut its outlook after a “major customer” asked for a substantial reduction in shipments. Lumentum lost 33% today.
Alibaba (BABA) made records with the biggest online shopping day in history! The retailer experienced a whopping $30.8 billion in sales during its Singles Day. The stock ended the day with a 1.4% loss.
PG&E (PCG) suffered a 17.4% loss today after dropping as much as 38% and experiencing a trading halt. The stock plummeted because of the wildfires hitting California. 31 people have died because of the fires, and 6,700 structures have been destroyed. Analysts estimate that PG&E’s exposure could be somewhere between $3.5 and $5 billion.
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Source: RockwellTrading by Markus Heitkoetter | Original Link