How Did the Stock Market Do Today?
Dow Jones: 16,027.05; -177.92; -1.10%
S&P 500: 1,853.45; -26.61; -1.42%
Nasdaq: 4,283.75; -79.39; -1.82%
The Dow Jones Industrial Average today (Monday) fell 177 points as tech stocks continued to slump and oil prices cratered again on concerns of a global economic downturn. Financial stocks slumped on concerns that the U.S. Federal Reserve will not raise interest rates in the coming months and global exposure to rising debt levels.
The CBOE Volatility Index (VIX) – Wall Street’s fear gauge – was up 12.2%.
On the economic front, the Labor Markets Conditions Index registered a 0.4 for the month of January, another sign that the U.S. employment sector has gotten softer. It was the lowest reading since the spring of 2015 and a decline from 2.3 in December. The little-known index – created at the recommendation of Janet Yellen – tracks 19 different indicators and offers the Federal Reserve a deeper dive into U.S. hiring trends.
Top Stock Market News Today
Stock Market Today: All 10 major S&P sectors fell on Monday, with financial stocks plunging due to rising risk concerns in Europe and surging costs of credit-default swaps. Shares of Goldman Sachs Group Inc. (NYSE: GS) slumped more than 6%, the largest single-day decline for the bank in more than three years. Goldman shares were also the largest individual weight on the Dow. Shares of Bank of America Corp. (NYSE: BAC), Visa Inc. (NYSE: V), and Citigroup Inc. (NYSE: C) all slipped more than 4.4% on high volumes.
“FANG” Falters: Shares of Facebook Inc. (Nasdaq: FB), Amazon.com Inc. (Nasdaq: AMZN), Netflix Inc. (Nasdaq: NFLX), and Alphabet Inc. (Nasdaq: GOOGL) – the so-called “FANG” stocks – all fell more than 2.5% today. These stocks have been under increasing pressure in the last two weeks, as investors pull away from what were considered safe-haven tech stocks.
Oil Prices: WTI crude oil fell 2.6% to hit $30.07 per barrel. Meanwhile, Brent crude dipped 3.1% to hit $32 per barrel. Shares of Exxon Mobil Corp. (NYSE: XOM) gained 2.0%, while shares of Chevron Corp. (NYSE: CVX) surged 4.6%.
On Tap Next Week: On Tuesday, a light economic calendar is limited to the Labor Market Conditions Index and the TD Ameritrade IMX. Markets in China will be closed for Chinese New Year. Companies set to report quarterly earnings include Solar City Corp. (Nasdaq: SCTY), CVS Caremark Corp. (NYSE: CVS), Spirit Airlines Inc. (Nasdaq: SAVE), Nuance Communications (Nasdaq: NUAN), Regeneron Pharmaceuticals Inc. (Nasdaq: REGN), and Akamai Technologies Inc. (Nasdaq: AKAM).
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