Worries over the next rate hike superseded joy over the four-day rally in crude oil, sending stocks into the red and away from their record highs. The chances of a September rate hike rose after hawkish commentary from the New York and Atlanta Federal Reserve presidents. Oil prices settled at a one-month high on hopes over an output freeze among OPEC members when they meet in September. The crude rally brought the energy sector big gains with major producers Shell, Total and BP all in the green. Micro-cap StemCells (STEM) rocketed higher after announcing a merger with Israel-based private company Microbot Medical. The companies will join forces to develop robotics-based medical devices. TJX Companies (TJX) fell after issuing a gloomy current-quarter outlook. The owner of retailer TJ Maxx said its earnings guidance was based on the assumption wages will increase.
More from Video
Amid the Selling, Here's the Big Question Now
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
One Tweet Pulls the Rug Out From Under the Indexes
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
A Technical Look at the New Dow Jones Industrial Average
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
Conagra Brands Looks Tastier After Its Upgrade to Buy
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.
Biogen Bulls Get a Lift From Quant Upgrade and Strengthening Charts
Breaking down an approach to the long side of this biotech stock.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.