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Wall Street Sees Sharp Declines Amid Rising ‘Fear Gauge’Wall Street Sees Sharp Declines Amid Rising ‘Fear Gauge’

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.

Closing Indexes Summary March 5

NYSE and Nasdaq Stats March 5

Key Insights from Today’s Market

  1. Apple faces tough competition in the second-largest economy, China (CNBC).
  2. Dartmouth College’s Men’s basketball team makes history by voting to unionize (Reuters).
  3. Challenges from China impact two tech stocks.
  4. GitLab stock experiences a significant drop amidst a dismal outlook.
  5. Target stock performs well despite a weak sales forecast.

Corporate Earnings March 5

Unusual Options Activity March 5

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.

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