Stocks Snap Losing Streaks as VIX Inches Lower

Investors brushed off rate hike fears, Microsoft's warning, and dismal jobs data

Digital Content Manager
Jun 2, 2022 at 4:27 PM
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Stocks were able to brush off interest rate hike concerns and a grim guidance warning from Microsoft (MSFT) on Thursday. The Dow ultimately added 435 points, despite being down over 300 points at its sessions lows. Both the S&P 500 and Nasdaq joined the blue-chip index in snapping two-day losing streaks, with the latter sporting solid gains thanks to strength in the tech sector. Dismal jobs data still weighed, though, after the ADP report showed jobs being created at the slowest pace since April 2020 in May. Meanwhile, the Cboe Volatility Index (VIX) logged its lowest close since April 21. 

Continue reading for more on today's market, including:

  • Struggling tech stock getting blasted by options bulls.
  • How Arch Resources stock could make a comeback. 
  • Plus, energy name scores "top pick" rating; Twilio's horrid year continues; and unpacking this retailer's earnings.

The Dow Jones Average (DJI - 33,248.28) added 435.1 points, or 1.3% for the day. Boeing (BA) added 7.5%, leading the gainers. Amgen (AMGN), meanwhile, paced the laggards with a 2% drop.

The S&P 500 Index (SPX - 4,176.82) rose 75.6 points, or 1.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,316.90) gained 322.4 points, or 2.7% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 24.72) lost 1 point, or 3.8%.

closing index summary june 2

nyse and nasdaq june 2

5 Things to Know Today

  1. President Joe Biden will address the nation in a televised speech from the White House later today, in which he is expected to call for tighter gun laws. (CNBC)
  2. Despite strong demand, new-car sales in the U.S. fell below 13 million vehicles in May, with RBC analysts noting they sit at “recessionary levels.” (MarketWatch)
  3. This clean energy name just earned a "top pick" rating.
  4. Twilio stock downgraded amid a slowing digital economy.
  5. Lands' End stock tried to brush off a mixed quarterly report. 

earnings jun 2

uvol jun 2

Oil Moves Higher on Hiked Production, Lower Inventories

Oil prices settled higher on Thursday, after the Organization of the Petroleum Exporting Countries and their allies (OPEC+) hiked its production target by 648,000 barrels a day for July and August. Also boosting the commodity was a drop in U.S. crude inventories, which fell fell 5.1 million barrels last week. In turn, July-dated crude added $1.61 cents, or 1.4%, to close at $116.87 per barrel.

Gold prices were higher as well, settling at their best level in roughly one month as both the U.S. dollar and Treasury yields cooled.. August-dated gold added 1.2% to finish at $1,871.40 an ounce.

 

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