A tumultuous day for Wall Street as tech stocks led a steep selloff, sparked by Apple’s sharp decline and disappointing ISM services index data. Both the Dow and Nasdaq plunged triple digits, marking their worst single-session losses since February 13. The S&P 500 also took a hit, pushing the major indexes further away from their recent highs. To add to the chaos, the Cboe Volatility Index (VIX) – known as Wall Street’s “fear gauge” – recorded its most significant daily percentage increase since mid-February.
Looking for more insights from today’s market? Below are a few highlights:
- Historical trends suggest caution with bank stocks at the moment.
- Foot Locker gears up for an earnings report.
- China’s economic headwinds impact tech sector; GTLB stock experiences a sharp decline; Target beats earnings expectations.
Key Insights from Today’s Market
- Apple faces tough competition in the second-largest economy, China (CNBC).
- Dartmouth College’s Men’s basketball team makes history by voting to unionize (Reuters).
- Challenges from China impact two tech stocks.
- GitLab stock experiences a significant drop amidst a dismal outlook.
- Target stock performs well despite a weak sales forecast.
Bullion Market Sees 3rd-Straight Win and Hits Record High
Amidst investors’ deliberations on energy demand and China’s economic strategies, oil prices closed lower. April-dated West Texas Intermediate (WTI) crude dropped 59 cents, or around 0.8%, ending the session at $78.15 per barrel.
On a contrasting note, gold prices surged for the third consecutive session, reaching a new record high. The rise in the precious metal’s value was bolstered by expectations of an upcoming interest rate cut by the Federal Reserve. April-dated gold climbed $15.60, or 0.7%, settling at $2,141.90 per ounce.