All Major Stock Market Indices Down More Than 1% Today
Before the opening bell on Thursday, the stock market is looking bearish, with each of the three major stock indices showing a drop of more than 1% compared to last week.
The stocks were all down for Wednesday as well by the time the market closed, with the Nasdaq Composite falling the most- by 1.60%. The Dow Jones lost 0.96% on Wednesday, and the S&P 500 lost 0.92%.
That makes for several consecutive days of losses for the S&P 500, which is important since we have not seen that kind of day to day loss since back in September.
The stock market has performed well for much of the year, but we are seeing an extended bearish period right now that is stretching for days. The market is certainly not being helped by a massive recall from McDonald’s (MCD) after E. coli was found in its Quarter Pounder. Also hurting the market is Boeing, with its ongoing strike that has lasted more than five weeks at this point.
Home sales are down right now, with a drop of 1% from month to month. The decline for this year compared to last year is at 3.5%. What is especially significant about the numbers for home sales right now is that they have not been this slow in 14 years.
On the Upside
There are a few bright spots on the stock market today. Most notably, Peloton Interactive (PTON) has gained almost 11% since the previous day, and it has managed a nearly 35% gain for the year so far.
The Trump Media and Technology Group (DJT) is up by 4.42% today, and it has performed strong for weeks now. Coming closer to next month’s election decision, this could be a great short term stock for investors hoping to earn big and cash out. There is no telling how it will fare after the election.
Still to come this week are earnings reports from Tesla, Coca-Cola, Hilton, AT&T and many more major stocks that are sure to move the market and could help pull it out of its bearish trend.
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