The markets sold off again today thanks in part to continued weakness in the banking sector. The Dow 30 closed lower on the day by 205, the S&P 500 sold off 20, and the Nasdaq 100 closed down on the day by 64. Though the markets were lower on the day, technical traders were hopeful that the close off lows today will indicate a new support area.

Sector News

Crude oil broke its losing streak today as investors took their chances on the recent sell-off finding a bottom. The price of oil fell for 13 days straight for the first time in history. Another bearish stat on oil is that the decline over the last 30 days is the fastest oil's ever moved from a 52-week high to a 52-week low.

Gold saw a 1% gain on the day as investors looked to the precious metal for a safety trade. With the debate on inflation starting to make headlines, the recent trading volume shows that investors want a little hedge in their portfolios.

Bank stocks were the weakest area of the markets today as comments from Democrat Maxine Watters said the easing of regulations on banks will be coming to an end when she takes her seat as the chair of the House Financial Services Committee. The large names continue to get sold off. Goldman Sachs (GS  ) was a focus, as it has hit new 52-week lows for the last 3 days in a row. A further look back shows losses totaling more than 20% for the year.

Stock News

Shares of Apple (AAPL  ) continue to head lower today as the stock was downgraded by Guggenheim to neutral from buy and removed their $245 price target in the process. Concerns about iPhone sales decreasing by about 5% in 2019 along with higher average prices leading to a "period of digestion" for consumers were given as the primary reasons. Technical traders will note the break of the 200-day moving average as a driving force behind the recent selloff.

Macy's (M  ) shares sold off today despite reporting a decent earnings report. The retailer easily beat earnings expectations and even reported same-store sales growth for the fourth straight quarter. The stock remains just above the 200-day moving average but has seen some weakness with the market selloff this week.

Snap, Inc. (SNAP  ) shares were lower on the day as the company has officially been subpoenaed by the DOJ and SEC for documents related to their IPO last year. This comes as a shareholder lawsuit alleges that SNAP misled investors about how Facebook's (FB  ) Instagram platform was affecting the performance of the company.