Stocks closed out the first week of 2022 lower
The broader indexes stumbled to wrap up the start of 2022, with all three marking daily and weekly losses. The Nasdaq took the biggest hit, suffering its worst weekly loss since February 2021. Despite an impressive battle, the Dow fell just below breakeven for today's session, after the 10-year Treasury yield rose to nearly 1.8% earlier in the day.
Tech extended its fall in response to the rise in yields, as investors consider the Federal Reserve's planned interest rate hikes, and investors continued to digest Friday morning's dismal jobs data. Meanwhile, U.S. consumer credit flew to $40 billion in November, which is more than double expectations.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 36,231.66) shed 4.8 points, or 0.01% for the day. Walgreens Boots Alliance (WBA) led the gainers today, adding 2.7%, and Home Depot (HD) paced the laggards with a 3% fall. On the week, the blue-chip index backpedaled 0.3%.
The S&P 500 Index (SPX - 4,677.03) slipped 19 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,935.90) moved 145 points lower, or down 1% for today's session. The indexes shed 1.9% and 4.5% for the week, respectively.
Lastly, the CBOE Volatility Index (VIX - 18.76) lost 0.9 point, or 4.3% for the day and added 9% for the week.
- The three white men charged with the murder of Ahmaud Arbery, an unarmed black man out for a run almost two years ago, were sentenced to life in prison. Two of the three are ineligible for parole. (Washington Post)
- Following the Center for Disease Control and Prevention's (CDC) updated quarantine guidelines, Amazon.com (AMZN) has cut the paid Covid-19 leave for its workers from two weeks to one. (CNBC)
- NFT, partnership buzz put GameStop stock back in the spotlight.
- Brokerage downgrade pressured blue chip lower.
- Bull note sends Trade Desk stock for a big boost.
There were no earnings of note today.
Oil Posts Impressive Week Despite Kazakhstan Unrest
The volatile situation in Kazakhstan is weighing on black gold today, as investors grow weary of the unrest in the region. February-dated oil shed 56 cents, or 0.7%, to finish at $78.90 per barrel. For the week, oil rose 4.9%.
Gold logged a gain on Friday, after jobs data showed 199,000 positions created in December. February-dated gold added $8.20, or 0.5%, to close at $1,797.40 per ounce. Gold marked a six week low, shedding 1.7%.