Dow dropped 250pts after 1pm ET today. What happened?

[gristy]

The Dow had been chugging along in a fairly narrow range all morning, ~100 pts down. But then in the early afternoon quickly dropped another 250 pts.

The Nasdaq, Microsoft and Apple were sliding all day - no inflection point at 1pm. Interesting...
Microsoft released earnings yesterday. Apple earnings are slated to be released in a week.

Here's CNN's take. Lots of red flags, it would seem...

https://www.cnn.com/2020/07/23/investing/dow-stock-market-today/index.html

Dow slides as stock market momentum fizzles out
New York (CNN Business)
The Dow and the broader US stock market took a hit on Thursday as momentum on Wall Street fizzled out.

Investors are busy focusing on companies' financial results in what's expected to be one of the worst earnings seasons in history. And the economic recovery, hopes for which had been spurred by improvements in economic data, isn't looking so hot anymore either.

The Department of Labor reported an increase in first-time claims for unemployment benefits Thursday morning, the first such rise in 16 weeks.

The market has recovered from its historic pandemic selloff in March, thanks in large part to a strong rally in technology stocks. But it's set to have one of its worst performances on Thursday.

The tech-heavy Nasdaq Composite (COMP) traded down 2.3%, while the Dow (INDU) fell 1.4%, or about 380 points. The S&P 500 (SPX), the broadest measure of Wall Street, fell 1.3%.

Stocks aren't the only assets in the red. The US dollar, as measured by the ICE US Dollar Index, fell 0.2% against its rivals. The index fell to its lowest level since September 2018.

"It will take more than a day to determine, though it is possible the greenback may be losing some of its safe-haven appeal, as an uncertain economic outlook weighs," Ronald Simpson, global currency analyst at Action Economics, wrote in a note to clients.

[regnaD kciN]

1. I think it's all pretty much summed up in that report...

Things aren't looking so good right now, and people are losing trust. Unfortunately, that's sure to cause the clown in the White House, with his usual tunnel vision, to press even harder for a full "re-opening," so that the economy might seem better by November.

[Wellstone ruled]

2. Just recieved my

Schawb news letter. This is all about uncertainty of the next Stimulus. No Rental Protections or Mortgage Moratorium in the Senate bills thus far. It is all about the Consumers,no money,no economy.

No funds for Covid no economy,no funds for State and Local units of Governments,no economy.

If these issues are not fully addressed,the Foreclosures and Evictions will push the Big Boy's into Bankruptcy Courts by September.

[Shermann]

3. There has to be some hand-wringing over the upcoming school season

That is looking more and more like an oncoming train.

That data out of Israel is very concerning. And the South Korea data is not promising either.

[Warpy]

4. This is nothing. Wait until the third and fourth quarter dividends plummet

and a lot of retirees have to sell stock to make up the difference so they can pay the mortgage, buy their medications and eat.

Wait until the higher unemployment benefits stop at the end of the month and people start to run out of food and shelter, with no jobs out there to pay for either.

And Republicans, even the ones with functioning synapses, haven't a clue in the world about what to do about this, so they'll all stand around with their thumbs up their asses, 'Gee, we thought they'd go back to work when they got hungry."

We are heading into a calamity. Take care of each other as best you can. We're in for a bumpy ride.