The Dow lost 180 points on Friday and logged its fourth-straight weekly loss
Stocks tumbled into the weekend once more, with all three benchmarks logging sizable daily and weekly losses as investors continue to track the situation in Ukraine. The Dow dropped 180 points for its fourth-straight weekly loss, while the S&P 500 and Nasdaq both shed over 1%. The skirmish at the nuclear power plant in Zaporizhzhia, Ukraine sent energy prices surging, bond yields falling, and completely overshadowed upbeat jobs data.
Continue reading for more on today's market, including:
- The bullish Kroger stock trendline we called a week ago.
- Check out Schaeffer's latest Playbook of the Week pick.
- Plus, a SBUX signal to watch; Gap's mixed post-earnings sentiment; and a chipmaker on the rise.
The Dow Jones Average (DJI - 33,614.80) lost 179.9 points, or 0.5% for the day and 1.3% for the week. Walmart (WMT) led the gainers with a 2.5% jump, while Boeing (BA) paced the losers with a a 4.2% drop.
The S&P 500 Index (SPX - 4,328.87) dropped 34.6 points, or 0.8% for the day, and 1.3% for the week. Meanwhile, the Nasdaq Composite (IXIC - 13,313.44) shed 224.5 points, or 1.6% for today's session, and 2.8% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 31.98) added 1.5 points, or 4.9% for the day, and 15.9% for the week.
5 Things To Know Today
- Russian First Deputy Prime Minister Andrei Belousov gave foreign firms two options for considering what to do with their Russian investments. (Reuters)
- NYSE Arca announced that it has halted trading on three exchange-traded funds related to Russia because of "regulatory concern." (MarketWatch)
- Why Starbucks stock could be worth keeping an eye on.
- Surveying the post-earnings landscape surrounding Gap stock.
- Broadcom's beat-and-raise caught bulls' attention.
Oil Prices Log Biggest Weekly Jump Since Mid-2020
Oil saw an astonishing rebound today off yesterday's pause, as geopolitical tension escalated even further amid news of Ukraine's nuclear plant fire. Japan attempted to quell some of the fears surrounding global supply constraints, promising to release 7.5 million barrels of oil, though this barely puts a dent in demand for the commodity. In response, April-dated crude added $8.01 or 7.4%, to settle at $115.68 per barrel for the day, its highest settlement since September 2008. Black gold also posted its biggest weekly jump since April 2020, adding 26.3%.
Gold prices climbed higher too, as investors brushed off the strengthening dollar and targeted the commodity ahead of the Federal Reserve's potential interest rate hikes, likely to be put into effect later this month. A surge in palladium also put wind at the commodity's back. April-dated gold added $30.70, or 1.6%, to finish at $1,966.60 per ounce, and added over 4.2% for the week.