Wall Street was splashed with waves of red and then got swamped at the close Thursday! Markets fell to intraday lows just minutes before the closing bell. The Dow closed down 246 points, a nearly 1.5% clip. The S&P dropped 1.5%, the index turning negative for 2015. And the Nasdaq dropped 56 points.
Cisco (NASDAQ:CSCO) reported earnings after the bell Thusrday, beating analyst estimates for both profit and revenue. But, the computer network giant tumbled after hours after its guidance warned of smaller growth in orders due to the uncertainty in the macro environment and currency headwinds.
Hulu is set for a big payday. The video streaming service is looking to sell a stake of itself to Time Warner Inc. (NYSE:TWX). The talks reportedly involve cash investment and content licensing and values the company at at least $5 billion.
The news wasn't enough to get Time Warner to close in the green. Hulu is currently owned by Disney (NYSE:DIS), NBCUniversal and FOX Business Network's parent company, 21st Century Fox (NASDAQ:FOX).
GoPro (NASDAQ:GPRO) slid nearly 8% Thursday, sending the stock below its IPO price of $24 a share for the first time since June. The wearable camera maker has dropped 63% this year and its among the most heavily shorted on Wall Street.
Oil continued its slide Thursday after an inventory report showed an increase of 4.2 million barrels. The news drove oil to settle at its lowest level since August 26.
Gold was not a shiny spot in the sea of red. Prices headed south to their lowest level in about five years. The metal is also on track for its longest weekly losing streak since June.