22/07/2024 8:57 AM


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Worst first quarter ever for Dow

The Charging Bull near Wall Street is pictured in New York.

Carlo Allegri | Reuters

Dow Jones Industrial Average drops 410 points

The Dow closed 410.32 points lower, or 1.84{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, at 21,917.16. The S&P 500 slid 1.60{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to 2,584.59. The Nasdaq Composite fell 0.95{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to 7,700.10. The major averages gyrated between gains and losses throughout the session as Wall Street wrapped up a volatile quarter.

Worst first quarter ever for Dow

The Dow ended the quarter down more than 20{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, marking its biggest first-quarter loss on record. The S&P 500 and Nasdaq both fell more than 14{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} this quarter. To be sure, the major averages regained some ground after hitting a low on March 23. However more clarity is needed on the virus’ economic impact as well as the outbreak itself before stocks can make a meaningful rebound.

Bank shares slide, tech gains

Bank stocks fell, pressuring the broader market. JPMorgan Chase dropped 3.71{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} while Citigroup closed 4.45{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} lower. Bank of America shares slid 3.68{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. Gains in tech stock such as Facebook, Netflix and Alphabet partially offset the decline in bank shares. Facebook gained 0.51{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, while Netflix advanced more than 1.22{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} each. Alphabet climbed 1.36{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}.

What happens next?

Weekly mortgage applications, along with manufacturing and private payrolls data, are scheduled for release on Wednesday.

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