Stocks turned negative for November, after another devastating loss.
The major indices opened the session lower and continued to slide. There was a brief pause in the sell-off midday, then another push lower into the close.
Down more than 1.5% across the board, stocks finished near session.
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Here’s where the major indices ended the days:
- The S&P finished with a 1.7% loss. Down 46 points, the S&P ended at 2,691.
- The DOW ended 1.6% lower. Dropping 396 points, the DOW closed at 25,017.
- The NASDAQ was down 3.0%. Losing 219 points, the NASDAQ finished at 7,028.
- Bitcoin finished lower by 13%. Down $710, Bitcoin ended at $4,660.
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Crude Oil (CL) finished higher after hitting 11-month lows. With a 1.1% gain, CL closed at $57.32 a barrel.
Tech stocks were hammered today. Apple (AAPL) dropped another 4.0% today, after reports that the company cut production orders for their iPhones.
Nvidia (NVDA) suffered another 12% loss today, dropping even further after last week’s earnings. The stock is down 28.5% since releasing earnings.
According to Michael Wilson from Morgan Stanley, we’re “in the midst of a bear market.” Stanley made the claim in a client letter, saying 40% of the stocks in the S&P 500 are down as much as 20% this year.
This week we have a quiet economic calendar with traders taking some time off because of the Thanksgiving holiday. On Thursday U.S. exchanges will be closed for Thanksgiving. And on Friday, markets will close early.
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Source: RockwellTrading by Markus Heitkoetter | Original Link