The Dow reversed earlier losses to add 35 points
Stocks were muted on Wednesday, though the Dow managed to reverse earlier losses to notch a 35-point gain. The S&P 500 and tech-heavy Nasdaq also took a breather from their rallies, but still walked away with modest wins, after positive data from Pfizer (PFE) and BioNTech (BNTX) revealed three doses of their Covid-19 vaccine offered protection against the omicron strain.
Also in focus today was the Job Openings and Labor Turnover Survey (JOLTS), which showed 4.7% fewer workers left their jobs due to dissatisfaction or better opportunities elsewhere in October. Meanwhile, job openings levels jumped 4.1% to come just shy of record highs.
Continue reading for more on today's market, including:
- Why options bulls blasted this streaming device name.
- Tilray is tightening its grip on the U.S. cannabis market.
- Plus, what's pressuring Campbell Soup stock; options bears eye THO; and building name nabs record high.
The Dow Jones Average (DJI - 35,754.75) added 35.3 points, or 0.1% for the day. Apple (AAPL) led the gainers, adding 2.3%, while Cisco Systems (CSCO) paced the laggards with a 1.8% fall.
The S&P 500 Index (SPX - 4,701.21) rose 14.5 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,786.99) jumped 100.1, or 0.6% for the day.
Lastly, the CBOE Volatility Index (VIX - 19.90) fell 2 points, or 9.1% for the day.
- Coinbase Global (COIN) customers are demanding refunds, noting a technical issue that led the company to freeze accounts for weeks, potentially locking in large losses. (CNBC)
- Secretary of Transportation Pete Buttigieg clapped back at Tesla (TSLA) CEO Elon Musk's criticism of President Biden's proposed electric vehicle tax credit of up to $12,500. (Marketwatch)
- Campbell Soup stock posted a quarterly win amid inflation pressures.
- Options bears blasted Thor Industries stock despite record sales.
- Earnings beat pushed one building name to fresh record highs.
Oil Prices Notch 2-Week High as Investors Reassess Selloff
Oil prices settled higher on Wednesday to notch a two-week high, despite the Energy Information Administration (EIA) reporting a smaller-than-anticipated drop in U.S. crude supplies, while gasoline and distillate stockpile increases came in above expectations. This has some thinking the omicron-driven selloff in energy markets was exaggerated. For the day, January-dated crude jumped 31 cents, or 0.4%, to finish at $72.36 per barrel.
Meanwhile, gold prices touched their highest level in over a week, but ultimately walked away with more modest gains. The precious metal has struggled to move decisively into either direction of late, with the $1,780 level acting as an anchor. As a result, February-dated gold added 80 cents, or just under 0.1%, to close at $1,785.50 per ounce.