Stocks had another rough day today. And things are looking ugly.
The major indices got off to a rough start, with the S&P down 1.5% at the open.
Stocks continued to slide in the morning. There was a push higher mid-day, and a temporary sigh of relief. But stocks turned lower again in the afternoon and closed near session lows.
This time it was the DOW leading the major indices lower with a 2.2% loss. With today’s losses, the S&P and DOW are in negative territory for the year.
The NASDAQ is barely above breakeven with a 0.1% gain for the year. But today the tech index closed at 7-month lows.
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Here’s where the major indices ended the days:
- The S&P finished with a 1.8% loss. Down 49 points, the S&P ended at 2,642.
- The DOW ended 2.2% lower. Dropping 552 points, the DOW closed at 24,466.
- The NASDAQ was down 1.7%. Losing 120 points, the NASDAQ finished at 6,909.
- Bitcoin finished lower by 7.8%. Down $365, Bitcoin ended at $4,295.
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Crude Oil (CL was hammered again. Losing 6.6%, CL closed at $53.44 a barrel. With today’s drop, Crude Oil is down more than 30% from its October 3rd high.
Apple (AAPL) just can’t catch a break. And when the biggest company in the world drops, so do the markets. Apple finished the day with a 4.8% loss. The stock is down 23.9% from its high in October.
Disappointing earnings numbers from retail was one of the reasons for today’s sell-off. Lowes (LOW) was down 5.7% after an earnings miss. Kohl’s (KSS) lost 9.2%, and Target (T) dropped 10.5%…all because of earnings.
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Source: RockwellTrading by Markus Heitkoetter | Original Link