The Dow erased its midday surge to settle with seven-point loss
Markets saw another dizzying pullback during the second half of Thursday's session, walking back on what was promising to be the Dow's best single-day session since mid-December. Instead, the blue-chip index finished the day with a paltry 7-point drop. Meanwhile, the S&P 500 and the Nasdaq closed in the red, with the latter notching its lowest settlement since May 19. The Cboe Volatility Index (VIX) -- Wall Street's fear gauge -- also settled lower today, snapping a six-day win streak.
Investors continued to mull over yesterday's remarks from the Federal Reserve, which pointed to an interest rate hike as soon as this March. Meanwhile, today's fourth-quarter gross domestic product (GDP) jump ultimately did little to assuage markets. The GDP reading rose 6.9% since last year, topping economists' estimates.
Continue reading for more on today's market, including:
- What sunk Intel stock after its quarterly report.
- Another Dow member that took a post-earnings beating.
- Plus, a look at Affirm stock's 2022 selloff; the mining stock investors should hold off on; and why Netflix stock bounced.
The Dow Jones Average (DJI - 34,160.78) shed 7.3 points, or 0.02% for the day. Dow Inc (DOW) led the gainers today, adding 5.2%, and Intel (INTC) paced the laggards with a 7% drop.
The S&P 500 Index (SPX - 4,326.51) moved 23.4 points lower, or 0.5%, while the Nasdaq Composite (IXIC - 13,352.78) lost 189.3 points, or 1.4%, for today's session.
Lastly, the CBOE Volatility Index (VIX - 30.59) shed 1.4 points, or 4.3% for the day.
- According to a New York Times tracker, cases of Covid-19 are down 21% from two weeks ago, while hospitalizations are averaging at 150,000 compared to 160,000 a week ago. (MarketWatch)
- One options trader is taking advantage of Apple (AAPL) stock's high implied volatility ahead of this evening's earnings event by selling almost 20,000 contracts of the weekly 1/28 150-, 145-, and 140-strike puts. This implies the trader is betting on the $140 level holding as a floor for the underlying shares by the time these contracts expire tomorrow. (CNBC)
- Is this struggling e-payment stock worth the risk after a near 50% selloff?
- Why investors shouldn't dig into this mining stock just yet.
- Billionaire investor buys the dip on Netflix stock.
Oil, Gold Fall Lower
Oil cooled from yesterday's multi-year highs as traders continued to monitor the Russia-Ukraine conflict. March-dated oil lost 74 cents, or nearly 0.9%, to settle at $86.61 per barrel.
The Federal Reserve's hints that a rate hike might be on the way helped strengthen the U.S. dollar, and in turn weakened gold prices even further. Data showing the U.S. economy expanded 6.9% in the fourth-quarter also weighed on the precious metal. February-dated gold dropped $36.60, or 2%, to close at $1,793.10 per ounce, marking its first settlement below the $1,800 mark since Jan. 10.