Stocks Snap Win Streaks After Powell Comments

Profit-taking gripped Wall Street today

Managing Editor
Mar 21, 2022 at 4:28 PM
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The Dow snapped a five-day win streak today as profit-taking gripped Wall Street. The S&P 500 and Nasdaq also saw their respective four-day streaks halted, as a hawkish tone from Fed Chair Jerome Powell threw a wrench into Wall Street's mini-resurgence. In prepared remarks for the National Association for Business Economics, Powell noted "if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so."

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

The Dow Jones Average (DJI - 34,552.99) shed 201.9 points, or 0.6% for the day. Chevron (CVX) led the gainers with a 1.8% gain, while Boeing (BA) paced the laggards with a 3.6% drop.

The S&P 500 Index (SPX - 4,461.18) lost 1.9 points for the day, or 0.04%, while the Nasdaq Composite (IXIC - 13,838.46) gave back 55.4 points, or 0.4% in today's session.

Lastly, the Cboe Market Volatility Index (VIX - 23.53) lost 0.3 point, or 1.4% for the day.

Closing Indexes Summary March 21

NYSE and Nasdaq Stats March 21

5 Things To Know Today

  1. Powell's musings about a 50-basis point interest rate hike sent the 10-year Treasury yield above 2.30%. (MarketWatch)
  2. As the new BA.2 variant starts to spread in the U.S., a Food and Drug Administration (FDA) advisory committee will meet on April 6 to discuss the timing of a possible second Covid-19 booster shot. (CNBC)
  3. Buy the dip on this medtech stock.
  4. An upgrade has BlackBerry stock toppling a key trendline.
  5. Manchester United might be woeful on the field, but one analyst likes the stock.

There were no earnings of note today.

Unusual Options Activity March 21

Oil Adds to Friday's Gains as EU News Simmers

Black gold scored a nearly two-week high today, as the European Union (EU) weighs an embargo on Russian oil. For the day, April-dated crude added $7.42, or 7.1%, to settle at $112.12 per barrel.

Gold prices inched higher today, struggling for direction after Powell's comments. April-dated gold added 20 cents, or 0.01%, to settle at $1,929.50 per ounce for today.

 

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