Sellers were in control from the get-go Thursday and never loosened their grip.
The Nasdaq slumped 1.5%, the S&P 500 lost 1.2%, and the Dow Jones industrial average fell 1%. Volume on the Nasdaq came in slightly higher than Wednesday's level. NYSE volume was very close to Wednesday's level.
The Nasdaq 100 also lost 1.5%, weighed down by weak performances for Vertex (VRTX), Alexion (ALXN) and eBay (EBAY). EBay slumped nearly 5% after ChannelAdvisor said eBay's same-store sales in March fell 0.2% after a 9.5% growth in February.
At the New York Mercantile Exchange, West Texas Intermediate crude oil for May delivery gave up 49 cents, or 1.3%, to $37.26 a barrel. Gold, meanwhile, rose $13.70, or 1.1%, to $1,236.20 an ounce. SPDR Gold Shares (GLD), which tracks the price of gold, rallied 1.4%. It's on pace for another breakout try over a 120.94 buy point
On the NYSE, declining stocks outnumbered advancers by about 4-to-1; Nasdaq decliners topped advancers by about 3-to-1.
Also on the stock market today, Global Payments (GPN) added more than 1% in strong volume. It's working a solid, cup-shaped base with a 74.74 buy point, but single-digit or decelerating sales growth in recent quarters should be a yellow flag for growth investors.
In earnings news, under-the-radar retailer Ollie's Bargain Outlet (OLLI) gapped up and rose 10% after reporting solid earnings late Wednesday. It recently cleared a cup-with-handle base with a 22.63 buy point.
Inside the IBD 50, China-based TAL Education (XRS) was among a handful of names that closed higher. Shares rose 1%. TAL stock is seeking support at its 10-week moving average for the first time after a base breakout in mid-February.
Also in the IBD 50, Facebook (FB) reversed lower but lost only 0.1% as it carves a cup-with-handle base with a 117.09 buy point. Earnings are due April 27 after the close.
