The Dow and Nasdaq logged their fifth-straight daily loss on Wednesday, with the former shedding 464 points to settle at its lowest level this year. Meanwhile, the S&P 500 sank deeper into correction territory to extend its losing streak for a fourth consecutive session.
The ongoing tensions between Russia and Ukraine weighed, with U.S. President Joe Biden announcing sanctions on the company behind the Nord Stream 2 pipeline, while Ukraine urged its citizens to avoid travel to Russia or leave the country immediately. Elsewhere, the European Union (EU) will hold an emergency meeting tomorrow to narrow down its response to the aggravating threat of Russian invasion.
Continue reading for more on today's market, including:
- Now is the time to buy Hilton Hotels stock.
- Options bears circled Moderna stock ahead of earnings.
- Plus, analyst praises oil stock; unpacking LOW's beat-and-raise; and Oversotck.com pops on quarterly win.
The Dow Jones Average (DJI - 33,131.76) fell 464.9 points, or 1.4% for the day. Chevron (CVX) led the two gainers with a 2.4% pop, while Cisco Systems (CSCO) paced the laggards with a 3.3% drop.
The S&P 500 Index (SPX - 4,225.50) shed 79.3 points, or 1.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,037.49) dropped 344 points, or 2.6% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 31.02) added 2.2 points, or 7.7% for the day.
5 Things To Know Today
- The U.S. Postal Service (USPS) is moving forward with plans to replace its delivery fleet with thousands of gas-powered vehicles, despite strong opposition. (CNBC)
- The World Health Organization (WHO) said Covid-19 cases are still falling despite the emergence of a new, more transmissible omicron subvariant. (MarketWatch)
- Why Piper Sandler gushed over this outperforming oil stock.
- Beat-and-raise helped Lowe's stock overcome this key trendline.
- Overstock.com stock skyrocketed today after blowout earnings.
Gold Closes at Highest Level Since January 2021
Oil prices edged higher on Wednesday, with Russia-Ukraine headlines dominating the news cycle. Investors are also monitoring a potential nuclear deal with Iran, which could happen within the next few days. In response, April-dated crude rose 19 cents, or 0.2%, to settle at $92.10 per barrel.
Gold prices moved higher as well to settle at their highest level since January 2021. The potential Russia-Ukraine conflict and rising inflation continue to push investors toward the safe-haven yellow metal. April-dated gold added $3, or 0.2%, to finish at $1,910.40 per ounce.