Wall Street Resumes Selloff, Dow Falls 809 Points

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The Nasdaq logged its lowest close since March 2021

The April selloff continued today, with yesterday’s rebound proving to be short-lived. Investor sentiment turned sour as Wall Street pondered the global economy amid lockdowns in China, as well as comments from a Russian official about the threat of nuclear war.

The Dow finished the day with an 809-point loss, while the Nasdaq closed 514 points lower — its worst single-session drop since Feb. 3 to mark its lowest close since March 2021 — as investors turned away from tech ahead of key earnings reports. The S&P 500 finished deep in the red as well, while the Cboe Market Volatility index (VIX), Wall Street’s “fear index,” surged to its highest close since March 9.

Continue reading for more on today’s market, including:

  • Signal says buy the dip on this mining stock
  • Senior Market Strategist Matthew Timpane, CMT, discusses Twitter’s takeover
  • Plus, 2 stocks react to earnings; and a retail stock with plenty of technical support. 

The Dow Jones Average (DJI – 33,240.18) plummeted 809.3 points, or 2.4%. Chevron (CVX) topped the list of Dow members with a 0.6% fall, while Nike (NKE) sank to the bottom after shedding 5.8%.

The S&P 500 Index (SPX – 4,175.20) fell 120.9 points, or 2.8%, while the Nasdaq Composite (IXIC – 12,490.74) dropped 514.1 points, or 4%.

Lastly, the Cboe Market Volatility Index (VIX – 33.52) rose 6.5 points, or 24.1%.  

5 Things To Know Today

  1. Fort Worth, Texas is the first U.S. city to mine bitcoin. Three Bitmain Antminer S9 mining rigs will run 24/7 in City Hall. (CNBC)
  2. Ukrainian farmers have started wearing bullet-proof vests to plough fields in the southern region of Zaporizhzhia. (Reuters)
  3. How PepsiCo stock bucked the broad market today. 
  4. This Dow stock moved lower after a drop in profit. 
  5. Discount retailer a good pick for options bulls.

Black Gold Crosses into $100 Again

Oil prices rose today, closing back above the $100 mark after China’s central bank said it would take steps to support the economy. Concerns regarding the country’s lockdowns weighed on the commodity yesterday. Meanwhile, news came that Germany will make moves to replace Russian oil supplies, while Russia will halt gas flows to Poland tomorrow. June-dated West Texas Intermediate (WTI) crude added $3.16, or 3.2%, to close at $101.70 a barrel.

Gold futures snapped a five-day losing streak, bouncing back from yesterday’s two-month low. June-dated gold rose $8.10, or 0.4%, to settle at $1,904.10 an ounce.