The S&P 500 and Nasdaq joined the blue-chip index in the red
Escalating tensions between Russia and Ukraine made for another volatile session on Wall Street, with trillions of dollars in stock options expiring to boot. The Dow fell 232 points on Friday to log its third-straight daily drop, with President Joe Biden reportedly looking to move additional troops to Ukraine as cease-fire accusations swirl. The S&P 500 and Nasdaq joined the blue-chip index in the red, and all three benchmarks logged second-straight weekly losses. Conversely, the Cboe Volatility Index (VIX) scored its second consecutive week in the black.
Continue reading for more on today's market, including:
- Call traders tripled their money with this mining stock.
- Options bears doubled down on Dropbox stock post-earnings.
- Plus, revenue guidance hurts streaming name; NortonLifeLock delays acquisition; and pot stocks making international moves.
The Dow Jones Average (DJI - 34,079.18 ) fell 232.9 points, or 0.7% for the day, and 1.9% for the week. Cisco (CSCO) led the gainers with a 2.6% pop, while Intel (INTC) paced the laggards with a 5.3% drop.
The S&P 500 Index (SPX - 4,348.87) shed 31.4 points, or 0.7% for the day, and 1.6% for the week. Meanwhile, the Nasdaq Composite (IXIC - 13,548.07) dropped 168.7 points, or 1.2% for today's session, and 1.8% for the week.
Lastly, the Cboe Volatility Index (VIX - 27.75) lost 0.4 point, or 1.3% for the day, but added 1.4% for the week.
5 Things To Know Today
- The U.S. Federal Reserve approved a new rule banning its officials from owning individual stocks, bonds, and other assets such as cryptocurrencies, effective May 1. (CNBC)
- Shake Shack (SHAK) will raise prices once again in March, bringing its inflation-based price hikes to nearly 7% as it steps into the second quarter. (MarketWatch)
- This streaming stock sank after issuing a weak revenue forecast.
- NortonLifeLock stock slipped after pushing back Avast acquisition.
- A handful of cannabis stocks made major overseas moves this week.
Oil Prices Log First Weekly Loss of 2022
Oil prices settled lower on Friday, contributing to a 2.2% weekly loss and marking black gold's first negative week of 2022. Traders continued to fret over a potential nuclear deal with Iran, which would bring their crude to the market. March-dated crude shed 69 cents, or 0.8%, to finish at $91.07 per barrel for the day.
Meanwhile, gold prices managed to walk away with a 3.1% weekly win, despite slipping below the $1,900 mark today. Inflation fears, as well as the renewed threat of conflict between Russia and Ukraine, boosted the safe-haven commodity this week. April-dated gold fell $2.20, or 0.1%, to finish at $1,899.80 per ounce for the day, though.