Day Traders Diary
Stocks fell sharply for a second day to start October and the fourth quarter as investors grapple with fears of an economic slowdown. The Dow Jones Industrial Average finished down 494 points, or 1.9% to close at 26,078. The Dow broke below its 50-day and 100-day moving averages, two technical levels watched by traders. The S&P 500 lost 1.8% to close at 2,887 falling below its 100-day moving average. The Nasdaq Composite slid 1.6% to 7,785 as large-cap tech companies followed the broader market lower. All 11 S&P 500 sectors finished lower with only one sliding less than 1.2%.
In corporate news, Delta Air Lines dropped 4.7% after it raised its 2019-unit cost outlook by 2%. Exxon Mobil fell 2.6% after an SEC filing revealed its results could come in lighter than expected due to lower oil prices.
WTI crude lost 1.8%, or $0.90, to $52.64/bbl to extend its recent decline amid bearish inventory data and growth concerns. These growth concerns also contributed to another advance in Treasuries, driving yields lower across the curve. The 2-yr yield declined eight basis points to 1.48%, and the 10-yr yield declined five basis points to 1.60%. The U.S. Dollar Index declined 0.1% to 99.02.
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