The Dow shed 106 points today
Stocks pared some of their earlier losses on Tuesday, though the major benchmarks still logged another disappointing session. The Dow shed 106 points, while the S&P 500 and tech-heavy Nasdaq finished deeper in the red, with Tesla (TSLA) weighing on the latter. Dismal inflation data also fueled investor pessimism, with the November producer price index (PPI) growing at its fastest pace on record. All eyes remain on the Federal Reserve, which will wrap up its two-day meeting tomorrow, and provide quarterly economy, inflation, and interest rate projections.
Continue reading for more on today's market, including:
- This aluminum stock will join the S&P MidCap 400.
- Why Weibo stock dropped to multi-year lows.
- Plus, Ralph Lauren stock double downgraded; possible DELL headwinds; and bet long on this auto giant.
The Dow Jones Average (DJI - 35,544.18) fell 106.8 points, or 0.3% for the day. Travelers (TRV) led the gainers, adding 2.3%, while Salesforce.com (CRM) paced the laggards with a 3.8% fall.
The S&P 500 Index (SPX - 4,634.09) shed 34.9 points, or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,237.64) shaved 175.6 points, or 1.1% for the day.
Lastly, the CBOE Volatility Index (VIX - 21.89) added 1.6 points, or 7.8% for the day.
- The World Health Organization (WHO) warned the omicron variant is spreading faster than any other strains, and that it may be present in most countries. (CNBC)
- Pfizer's (PFE) Covid-19 antiviral reduced the risk of hospitalization or death in high-risk adults by 89% if given shortly after the onset of symptoms, according to a late-stage trial. (MarketWatch)
- Ralph Lauren stock sank after a double downgrade from Goldman Sachs.
- One analysts foresees a muted 2022 for Dell Technologies stock.
- Now could be the right time to buy calls on this automotive stock.
There were no earnings reports of note today.
Gold Snaps Win Streak as Investors Eye Fed Decision
Oil prices closed at their lowest level in more than a week on Tuesday. Contributing to today's drop was investor pessimism after a hot inflation reading, the reimplementation of stricter Covid-19 restrictions, and a dismal International Energy Agency (IEA) report. As a result, January-dated crude fell 56 cents, or 0.8%, to finish at $70.73 per barrel.
Gold prices settled lower as well, snapping a two-day win streak while also logging their worst close in almost two weeks. Investors are holding their breath as they await for the conclusion of the Fed's two-day meeting tomorrow, which could negatively impact the precious metal. In response, February-dated gold shed $16, or 0.9%, to close at $1,772.30 per ounce.