The Dow Jones Industrial Average and other key indexes initially pared steep losses in today's stock market after President Trump said he would release the full transcript of his call with the president of Ukraine.
XBut the selling soon ramped up again amid reports that House Speaker Nancy Pelosi and Democratic Leader Chuck Schumer were not satisfied.
The Dow Jones industrials fell 0.6%, the S&P 500 shed 0.9% and the Nasdaq tumbled 1.4%. Small caps tracked by the Russell 2000 were down 1.4%. Volume swelled on the NYSE and Nasdaq vs. the same time Monday.
The major indexes had given up early gains after a disappointing consumer confidence report, sending the Dow down as much as 0.8%, the S&P 500 1.1% and the Nasdaq 1.7%. They trimmed losses after Trump announced he had authorized release of the call with Ukraine's president, where Trump allegedly pressured him to investigate Joe Biden's family.
Biggest losers on the Dow Jones index were Dow (DOW) and Goldman Sachs (GS), down a respective 3% and 2.5%. Intel (INTC), UnitedHealth (UNH) and Caterpillar (CAT) weighed in with losses of about 2% apiece in the broad sell-off.
Oil Prices, Stocks Plunge
Automakers, energy and software stocks led the downside among IBD's 197 industry groups. Light sweet crude oil prices skidded 2.6% to $57.11 a barrel, dragging oil ETFs down. VanEck Vectors Oil Services (OIH) plunged 5.3%, SPDR S&P Oil & Gas Exploration & Production (XOP) sank 2.9% and iShares U.S. Energy (IYE) fell 1.8%.
Homebuilders and utilities were among the few gainers.
China's Nio (NIO) crashed 23% to a record low after the electric carmaker reported a Q2 loss of 45 cents a share. Forecasts were for an 18-cent loss. Electric car sales overall in China fell in July and August after the government pared back subsidies.
Nio weighed on the automaker group. Tesla (TSLA) skidded 7% to fall back below its 50-day line in fast turnover. Fiat Chrysler Automotive (FCAU) and Volkswagen (VWAGY) lost about 3% each.
Innovative Industrial Properties (IIPR) the biggest loser in the IBD 50, shed 6.5% in above-average trade. The marijuana REIT's stock has been trading mostly below its 50-day line the past two months. It was testing its 200-day line at session lows Tuesday.
Among other IBD 50 stocks, finance-related issues Qiwi (QIWI), StoneCo (STNE) and Ares Management (ARES) each gave up 3% or more.
Jabil Shows Unusual Strength
Only one IBD 50 stock, Jabil (JBL), bucked the sell-off with a solid gain. Shares gapped up and surged 6% to a multiyear high in five times normal trade. They cleared a 32.34 entry of a choppy base and remain in potential buy range. Before the open, the electronics contract manufacturer delivered a fiscal Q4 earnings beat and a slight sales miss.
The Innovator IBD 50 ETF (FFTY) fell 1.6% to slip below its 200-day line.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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