February 27, 2018: The S&P 500 closed down 1.3% at 2,744.24. The DJIA closed down 1.2% at 25,408.45. Separately, the Nasdaq was down 1.2% at 7,330.35.
Tuesday was a down day for the broad U.S. markets with all three of the major exchanges closing lower on the day. Most of this sell off occurred at the end of the day. Part of this downturn might be attributed to the new Federal Reserve Chair, Jerome Powell’s bullish stance on the economy. Crude oil turned sharply south in the session. The S&P 500 sectors were entirely negative. The most positive sector was financials down only 0.6%. The worst performing sectors were real estate, consumer discretionary, and utilities down 2.0%, 1.8%, and 1.4%, respectively.
Crude oil was down 1.6% at $62.89.
Gold was down 1.0% at $1,319.00.
The S&P 500 stock posting the largest daily percentage loss ahead of the close Tuesday was AutoZone, Inc. (NYSE: AZO) which traded down over 11% at $651.16. The stock’s 52-week range is $491.13 to $797.89. Volume was nearly 2 million compared to the daily average volume of roughly 0.5 million.
The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Tuesday was The AES Corp. (NYSE: AES) which rose over 7% to $11.20. The stock’s 52-week range is $9.87 to $12.05. Volume was just over 20 million compared to the daily average volume of 8.7 million.
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