BREAKING: Market Rally Finds Support, Faces Resistance
The major stock market indexes losses mounted, down more in the last hour, and traded at the lows of the day in late trading. The Dow Jones Industrial Average dropped over 500 points, as investors await final results of Tuesday’s election and Thursday’s inflation report.
The S&P 500 shed 1.6% while the Nasdaq composite gave back 2.1%. The Dow Jones Industrial Average lost 1.5%. The Russell 2000 small-cap index trimmed 2.3%
The tech-heavy Nasdaq 100-tracking Invesco QQQ trust ETF (QQQ) shed 2%.
Volume on the NYSE and Nasdaq was lower vs. the same time on Tuesday.
Crude oil dropped 3.5% to $85.78 per barrel. The Energy Select Sector SPDR ETF (XLE) sank 3.7%. Natural gas retreated 3.8% and is below $6 per million British thermal units.
The 10-year Treasury note rose 2 basis points to 4.15%. Bitcoin plummeted 8.9% to $16,480 amid a liquidity scare in crypto assets.
European stock markets finished the day down, with the German DAX stock index and the Paris CAC 40 lower by 0.2%. The London FTSE 100 fell 0.1%.
Odds for a 50-basis-point hike at the December Fed meeting are now 56.8% while 43.2% are looking for a 75-basis-point hike, according to the CME FedWatch Tool.
The October consumer price index is set for release Thursday at 8:30 a.m. ET.
Facebook parent company Meta Platforms (META) rebounded 5% on news that it plans to lay off 11,000 employees, reduce office space and extend its hiring freeze. Meta is an S&P 500 leader today.
Disney (DIS) tumbled 12.5% on heavy volume hitting a 52-week low, after reporting lower-than expected fiscal Q4 earnings. Disney is the S&P 500’s worst performer today.
The Innovator IBD 50 ETF (FFTY) fell 3.8%, faring worse than the major stock market indexes.
Minimart and gas station retailer Murphy USA (MUSA) rose 0.9% on light volume, and is in the 5% buy zone from a flat base buy point of 303.19.
Payment processor Intermex (IMXI) sold off over 15% in heavy volume after reporting worse-than-expected Q3 sales numbers. The stock has triggered multiple sell signals.
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