A selloff was dominant today during the trading session, all major stock indexes fell more than 4%. Dow fell more than 900 points, the Russell 2000 index had the biggest losses of more than 7.0%. The latest update for the stock market today at close:
Stocks that moved today, all stock quotes at close:
Mapfre, S.A. (MPFRF) stock was among stock gainers with a stock price of 1.7146+0.3846 (+28.92%). Carnival Corporation & Plc (CCL) stock was among stock losers with a stock price of 8.80-4.37 (-33.18%). Bank of America Corporation (BAC) stock was among most active stocks with a stock price of 19.80-1.43 (-6.74%).
10-Yr Bond yield: 0.6350,-0.0630(-9.03%) Vix index: 56.50,+2.96(+5.53%)
The stock market selloff today is most probably caused by “The Trump administration warned that the coronavirus death toll in the U.S. could climb to 240,000.”. Also a warning about “very painful two weeks”, which has had its impact on risk-off in investing, stock trading.
Stocks that moved today, all stock quotes are at the close:
Advanced Micro Devices, Inc. (AMD) stock was among the most active stocks today with a stock price of 45.48-2.38 (-4.97%). Hess Midstream LP (HESM) stock was among stock gainers today with a stock price of 10.16+1.94 (+23.60%). New Residential Investment Corp. (NRZ) stock was among stock gainers today with a stock price of 5.01-0.96 (-16.08%).
The US stock market closed higher with more than 3% gains for Dow, Nasdaq and S&P 500. Small-cap stocks were a laggard today, as Russell 200 index rose about 1.5%, still a stock market rally for small-cap stocks.
10-Yr Bond yield: 0.6700,-0.0790(-10.55%) Vix index: 57.14,-8.40(-12.82%)
Ford Motor Company (F) stock was among the most active stocks closing at 5.03-0.16 (-2.99%). DCP Midstream, LP (DCP-PC) stock was among stock gainers with a stock price at the close of 10.51+2.00 (+23.50%. Raia Drogasil S.A. (RADLY) stock was among stock losers with a stock price at the close of 14.91-2.49 (-14.31%).
“Here’s one reason stock-market investors aren’t convinced the bear-market rout triggered by the global COVID-19 pandemic hasn’t bottomed out: a stubbornly high reading for an index known as the VIX.”
The VIX index
Source: Yahoo Finance
Actually the VIX volatility index has declined for its high price near 83 and now is at 58. But still above the mentioned 50 price level.
Bonds and the stock market
We will add that if a bottom is to be formed for the stock market, chances are that we should see a rise for bond yields or a decline for bond prices. Yet as of today at 3:08 PM, Monday, March 30, 2020, ET time the 10-Yr Bond yield is at 0.6710,-0.0780(-10.41%). There seems to be still a lot of uncertainty for financial markets and the stock market. If there is a shift to risk-on sentiment, then the stock market should bounce even more from its recent lows. But or financial analysis and opinion are that the earnings season next month will reveal a lot about the coronavirus effects on the economy and profitability of companies, business, and economic conditions. If the stock market has not yet fully discounted these results, we could see sustained increased volatility during April for stocks, as the earnings reports will be released. For now stock trading, stock investing continue to be volatile.