Dow turns negative at the close

It was an ugly day for the NASDAQ index. It fell 2% on the day on a decline of 265.8 points. The S&P index and Dow were down more modestly but both closed at the session lows.

The declines today cannot be blamed on yields moving higher. The treasury curve is lower across the board with the 10 year down 1.75 basis points. The 30 year is down -2.3 basis points.

The Dow, S&P, and NASDAQ have 2 day losing streaks. The Russell 2000 is lower for the 3rd straight day.

A look at the closing levels is showing:

  • S&P index fell -21.38 points or -0.55% at 3889.14
  • Nasdaq index fell -265.80 points or -2.01% at 12961.89
  • Dow fell -3.09 points or -0.01% at 32420.06
  • Russell 2000 fell -2.35% or -51.42 points at 2134.27

Big losers today included:

  • Gamestop, -33.66% to $120.57. The company announced earnings after the close yesterday
  • Koss, -21.06%
  • Nio, -10.25%
  • Bed Bath and beyond, -8.08%
  • Zoom -7.25%
  • Chewy, -6.91%
  • Palantir, -5.91%
  • Snowflake, -5.11%
  • Beyond Meat, -5.0%
  • Goodrx, -4.95%
  • Teslas, -4.82%
  • DoorDash, -4.73%
  • Crowdstrike, -4.67%
  • Airbnb, -4.41%
  • Square, -4.33%

All those stocks are grouped as some of the high flying stocks of 2020.

Looking at some of the big cap losers:

  • Facebook, -2.93%
  • Netflix, -2.68%
  • Salesforce, -2.55%
  • Intel, -2.33%
  • Disney, -2.1%
  • Apple, -2.01%
  • Amazon, -1.51%
  • Microsoft, -0.91%
  • Boeing, -0.87%
  • Alphabet, -0.35%

Winners today:

  • Schlumberger, +2.81%
  • Chevron, +2.74%
  • Exxon Mobil, +2.06%
  • Stryker, +1.86%
  • DuPont, +1.82%
  • Honeywell, +1.77%
  • American Express, +1.73%
  • Caterpillar, +1.36%
  • Charles Schwab, +1.2%
  • Home Depot, +1.05%
  • Corning, +0.95%
  • General Dynamics, +0.9%
  • Boston scientific, +0.89%
  • J.P. Morgan, +0.77%