Dow Sets Record For Single-Day Point Drop, Oil Crashes Up to 30%, TSX Index Plummets Over 10%
It Was an Even Bigger Bloodbath on Weed Street Today as Pot Stocks Collapsed in a Sea of Red
Just when investors thought it was safe to begin buying again, North American financial markets plunged lower in record-setting fashion. In all my years of investing, I’ve never seen a correction this intense or this fast.
Fueled by renewed concerns over the Coronavirus epidemic and a brewing oil price war, the stock market plummeted again today. The huge gap down this morning at the open triggered automatic circuit breakers designed to slow down panic selling leading to a temporary halt in the markets.
In the United States, the Dow Jones Industrial Average (DJIA) set a new record for the largest single-day point drop after declining 2,013.76 points (-7.79%) to close the day at 23,851.02. The S&P 500 Index (SPX) finished the day down 225.81 (-7.60%) at 2,746.56.
In Canada, the S&P TSX Composite Index had its worst day in over 30 years, dropping 1,660.78 points (-10.3%) to close today’s trading session at 14,514.24. Today’s decline was the biggest single-day drop for the TSX Index since 1987.
Cannabis stocks had arguably the worst day of any sector as every single pot stock closed the day deeply in the red. While many marijuana stocks posted double-digit losses on the session, not a single company was able to close the day in the green. To give you a better idea of how bad today’s bloodbath on Weed Street was, take a look at today’s top 10 cannabis stock decliners below.
- Tilray (NASDAQ: TLRY) (FRA: 2HQ) | -23.5%
- Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) | -22.9%
- 48North (TSXV: NRTH) (OTCPK: NCNNF) | -21.7%
- CannTrust (TSX: TRST) (NYSE: CTST) (FRA: C9S) | -20%
- iAnthus (CSE: IAN) (OTCQX: ITHUF) (FRA: 2IA) | -18.8%
- Cresco Labs (CSE: CL) (OTCQX: CRLBF) (FRA: 6CQ) | -18.4%
- Neptune Wellness (TSX: NEPT) (NASDAQ: NEPT) (FRA: NTU) | -18.2%
- Tetra Bio-Pharma (TSXV: TBP) (OTCQB: TBPMF) (FRA: JAM1) | -18.2%
- Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) | -17.3%
- Harvest Health (CSE: HARV) (OTCQX: HRVSF) | -16.7%
The North American Marijuana Index slid -10.65% to close the session at 67.33. The biggest loser of the three cannabis indices was the Canadian Marijuana Index which tanked -16.47% while the United States Marijuana Index held up pretty well consider the circumstances dropping only -4.97%.
Disclosure: The Cannabis Investor does not hold a position in any of the stocks mentioned in this article.