The Cboe Volatility Index continues to churn higher
The Dow stumbled into the weekend with another loss -- its fifth straight -- for the index's longest losing streak since mid July. The S&P 500 and Nasdaq also finished in the red, marking the former's fifth straight drop as well, thanks to looming economic uncertainty wrought by the latest inflation data. All three indexes turned in sizable weekly losses, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), closed at its highest level in nearly a month.
Continue reading for more on today's market, including:
- Schaeffer's Cannabis Stock News Update highlights 5 of this week's outperformers.
- Cracker Barrel stock has an ugly post-earnings past.
- Plus, OSTK's short squeeze potential; Affirm's revenue beat; and ZUMZ's options pits explosion.
The Dow Jones Average (DJI - 34,607.72) fell 271.7 points, or 0.8%. Of the 30 Dow components, seven finished higher, with Intel (INTC) leading the charge with a 0.8% jump, while Apple (AAPL) fell to the bottom, shedding 3.3%. For the week, the Dow lost 2.2%, marking its biggest weekly loss since mid-June.
The S&P 500 Index (SPX- 4,458.58) lost 34.7 points, or 0.8%, while the Nasdaq Composite (IXIC - 15,115.49) shed 132.8 points, or 0.9%. The indexes lost 1.7% and 1.6%, respectively, this week.
Lastly, the Cboe Volatility Index (VIX - 20.95) added 2.2 points, or 11.4%. and 27.7% on the week.
- In the wake of new vaccine mandates, U.S. President Joe Biden warned of a "tough stretch" ahead. (MarketWatch)
- A judge ruled today that Apple can no longer strong arm developers into the use of in-app purchases. (CNBC)
- Overstock.com stock could be worth keeping an eye on.
- Check out options traders' reaction to Affirm's revenue beat.
- This apparel retailer struggled after earnings today.
Oil Prices Rise to Close Out Week
Thanks to growing signs of supply tightness following Hurricane Ida, oil prices rose to close out the week. Black gold was also boosted along with other riskier assets, as the U.S. and China talked trading the latter country's oil reserves. As a result, October-dated crude fell $1.58, or 2.3%, to settle at $69.72 a barrel for the day and 0.6% this week.
Gold also moved lower as investors eyed the Federal Reserve's future moves and the mystery surrounding their plans to taper economic support, while the U.S. dollar strengthened slightly. In response, December-dated gold dropped $7.90, or 0.4%, to settle at $1,792.10 an ounce today and over 2.3% for the week. It was gold's first weekly loss in five weeks.