Oil prices settled above $120 per barrel today
Stocks extended their losses on Wednesday, after the 10-year Treasury yield topped 3% once again, igniting economic growth concerns amid the Federal Reserve's plans to tighten its monetary policy. The Dow shed 269 points, while the S&P 500 and Nasdaq settled deep in the red as well. Nevertheless, the Cboe Volatility Index (VIX) logged its lowest close since April 21, even as traders brace for May's consumer price index (CPI) reading on Friday, which could determine the Fed's next moves.
Continue reading for more on today's market, including:
- Streaming stock surges amid Netflix buyout rumors.
- Why options bulls are scooping up Campbell Soup stock.
- Plus, CI could keep surging; profit warning hurts bank stock; and unpacking Moderna's booster update.
The Dow Jones Average (DJI -32,910.90) dropped 269.2 points, or 0.8%, for the day. Caterpillar (CAT) added 1.2%, leading the gainers. Intel (INTC), meanwhile, paced the laggards with a 5.3% drop.
The S&P 500 Index (SPX - 4,115.77) shed 44.9 points, or 1.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,086.27) lost 89 points, or 0.7% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 23.96) fell 0.06 point, or 0.3% for the day.
5 Things to Know Today
- U.S. Securities and Exchange Commission (SEC) Regulator Gary Gensler proposed changes to how retail stock are traded after last year's meme stock mania. (CNBC)
- Twitter (TWTR) is reportedly planning to share a full data stream with Tesla (TSLA) CEO Elon Musk in order to secure the $44 billion buyout deal. (Washington Post)
- Bull signal says Cigna stock could extend its rally.
- This bank stock took a hit following a profit warning.
- Moderna's new Covid-19 booster said to work against Omicron.
Oil Prices Settle Above $120 Level
Oil prices were higher on Wednesday, settling above the $120 mark to hit their highest level in three months. This surge came after the Energy Information Administration (EIA) reported U.S. crude inventories in the U.S. fell by 2 million barrels last week. In addition, a potential offshore oil worker strike in Norway -- one of Europe's key oil and gas producers -- boosted the commodity. July-dated crude added $2.70, or 2.3%, to settle at $122.11 per barrel.
Gold prices also finished higher, brushing off strength in the U.S. dollar, as well as rising bond yields. Investors are still eyeing Friday's inflation data, however. August-dated gold rose 0.2%, or $4.40, to settle at $1,856.50 an ounce.