Stocks Indexes Drop, Head Toward 4th Loss In Row

U.S. stocks indexes were on track Monday for a fourth straight session of losses, and losses were once again big.


The Nasdaq dropped 1.3%, while the Dow Jones industrial average and the large cap S&P 500 fell 1.5% each.

In the previous three sessions, the major indexes lost more than 1.5% each day.

Volume is expected to be quiet today because of the exchanges early close for Christmas Eve. Trade was running sharply lower vs. Friday’s pace. Quadruple witching pumped up volume Friday.

Blue chips were down with initially only two exceptions in the 30-component Dow. Chipmaker Intel (INTC) inched up a penny to 44.85. McDonald’s (MCD) added 0.3%.

But those two stocks turned negative as trade progressed, putting all 30 Dow components in the red.

On the downside in the Dow, Nike (NKE) dropped 2%; Walgreens Boots Alliance (WBA) shed 1.6%.; and United Technologies (UTX), 1.5%.

Nineteen Dow stocks were off 1% or more.

Funds appear unwilling to step in and halt the market’s decline. Uncertainty looms over the stock market.

Two recent issues have created tension in the stock market.

The government shutdown continued with neither the Democrats nor President Trump showing any signs of compromise on Trump’s call to finance a border wall.

Meanwhile, rumors that Trump would fire or try to fire Federal Reserve chief Jerome Powell appeared to fade. USA Today reported that incoming Chief of Staff Mick Mulvaney said Sunday that Trump “now realizes” he doesn’t have the power to dismiss Powell.

Even if legal, such a move would be pointless in respect to interest rates. All 10 Fed members voted for the recent rate hike.


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Originally posted 2019-09-19 23:29:06.


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