The Dow Jones Industrial Average closed at 23,650.44 on Monday with a loss of 592.05 points or -2.44%. The S&P 500 closed at 2,823.16 for a loss of 51.40 points or -1.79%. The Nasdaq Composite closed at 8,560.73 for a loss of 89.41 points or -1.03%. The VIX Volatility Index was higher at 43.12 for a gain of 4.97 points or 13.03%.
Monday’s market movers
Challenges in the oil market pushed energy stocks and U.S. indexes lower Monday. The S&P 500 energy sector was down 3.12% after crude oil prices experienced a substantial drop. Rising supply levels and continued concerns over coronavirus quarantines pushed Wext Texas Intermediate crude to trade at -$38 per barrel. Most companies see $50 per barrel as the industry’s breakeven point. Overall, it appears that the OPEC+ agreement was too little to help the ravaging sector.
On the earnings calendar:
- Halliburton (HAL) gained 0.53% for the day after earnings of 31 cents per share beat estimates by 6 cents.
- IBM (IBM) announced earnings of $1.84 per share after the bell, beating estimates by 3%.
Economic reports affecting market trading included the following:
- The Chicago Fed National Activity Index fell to -4.19 in March from 0.06.
- The Treasury held auctions for three-month bills at a rate of 0.125%, six-month bills at a rate of 0.145% and 43-day bills at a rate of 0.12%. The 10-year Treasury’s yield ended the day at 0.622%.
In the S&P 100, the following stocks led losses and gains:
- Occidental Petroleum (OXY, Financial) -7.34%
- Boeing (BA, Financial) -6.57%
- General Electric (GE, Financial) -4.97%
- Raytheon (RTN, Financial) -4.47%
- Exxon (XOM, Financial) -4.23 %
- DuPont (DD, Financial) +3.68%
- Netflix (NFLX, Financial) +3.57%
- Abbott Laboratories (ABT, Financial) +2.45%
- Amazon (AMZN, Financial) +1.19%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,213.61 for a loss of 15.49 points or -1.26%. The S&P 600 closed at 708.12 for a loss of 14.46 points or -2.00%. The Dow Jones U.S. Small-Cap Growth Index closed at 8,276.63 for a loss of 74.52 points or -0.89%. The Dow Jones U.S. Small-Cap Value Index closed at 5,980.72 for a loss of 164.37 points or -2.67%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,532.49 for a loss of 28.94 points or -1.85%; the S&P 100 at 1,299.38 for a loss of 21.30 points or -1.61%; the Nasdaq 100 at 8,726.51 for a loss of 105.90 points or -1.20%; the Russell 3000 at 1,625.07 for a loss of 28.09 points or -1.70%; the Russell 1000 at 1,548.71 for a loss of 27.17 points or -1.72%; the Wilshire 5000 at 28,400.57 for a loss of 496.21 points or -1.72%; and the Dow Jones U.S. Select Dividend Index at 557.58 for a loss of 17.01 points or -2.96%.
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