Stocks Extend Rally as "Fear Gauge" Closes at 2-Week Lows

Investors are now eyeing earnings from Google-parent Alphabet

Digital Content Manager
Feb 1, 2022 at 4:30 PM
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Wall Street wrapped up the first day of February on a positive note. The Dow added 273 points, while the S&P 500 and Nasdaq both walked away with sizable gains, as all three major benchmarks nabbed their third consecutive daily wins. Meanwhile, Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- registered its fourth-straight loss to settle at its lowest level in just over two weeks.

Keeping today's optimism in check was the latest ISM manufacturing index, which hinted at slowing economic growth after hitting a 14-month low. Traders are now eyeing this week's batch of corporate earnings reports, as Alphabet (GOOGL) stepped into the confessional after the close.

Continue reading for more on today's market, including:

  • A pre-earnings breakdown of Advanced Micro Devices stock.
  • AT&T stock plummeted after announcing a new spinoff. 
  • Plus, MicroStrategy loads up on bitcoin; options traders blast bank name; and why bulls should consider BX.

The Dow Jones Average (DJI - 35,405.24) climbed 273.4 points, or 0.8% for the day. Boeing (BA) led the gainers today with a 4.1% pop, while UnitedHealth Group (UNH) paced the laggards with a 0.9% drop.

The S&P 500 Index (SPX - 4,546.54) added 31 points, or 0.7%, while the Nasdaq Composite (IXIC - 14,346.00) tacked on 106.1 points, or 0.8%, for today's session.

Lastly, the Cboe Volatility Index (VIX - 21.96) shed 2.9 points, or 11.6% for the day.

closing summary Feb1

nyse nasdaq feb1

5 Things To Know Today

  1. Covid-19 fatalities in the U.S. hit their highest level in a year -- a time when vaccines were not widely available -- despite falling omicron cases. (CNBC)
  2. Sony (SONY) will buy videogame publisher Bungie -- known for titles such as "Halo" -- for $3.6 billion, ramping up competition with Microsoft (MSFT). (MarketWatch
  3. MicroStrategy stock popped after loading up on even more bitcoin.
  4. Which bank name was getting blasted by options traders today.
  5. Blackstone stock looks like a solid choice for options bulls.

Earnings Feb1

UVOL Feb1

Gold Settles Above Key Level as Currency Markets Falter

Oil prices edged higher on Tuesday, hovering near a seven-year highs as investors awaited a decision from the Organization of the Petroleum Exporting Countries and their allies (OPEC+). The group is expected to increase production to 400,000 barrels per day for March. In turn, March-dated oil added 5 cents, or 0.1%, to settle at $88.20 per barrel.

Gold prices were also higher, settling above the psychologically significant $1,800 level for the first time in roughly one week. Boosting the yellow metal was apparent weakness in the currency market. April-dated gold added $5.10, or 0.3%, to close at $1,801.50 per ounce. 

 




 
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