Tech stocks continued to sell off at a rapid pace
The Dow, S&P 500, and Nasdaq all logged their second-straight day of sharp losses today. Investors unpacked the anxiously-awaited Federal Open Market Committee (FOMC) minutes, in which the U.S. Federal Reserve laid out its plan to shrink its balance sheet by $95 billion a month. Though no final decisions have been made, the meeting indicated an agreement amongst officials.
Bond yields climbed after the report, and the previously inverted 10-year Treasury yield jumped back above the 2-year Treasury yield. The tech-heavy Nasdaq led the losses today with an 315-point drop, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX) logged its highest close in nearly two weeks.
Continue reading for more on today's market, including:
- Bank stock selloff weighs on JPM before earnings.
- Analyst casts doubt on Spirit Airlines' latest buyout offer.
- Plus, drug stock could move higher; more on TLRY's surge; and RIVN's production update.
The Dow Jones Average (DJI - 34,496.51) fell 144.7 points, or 0.4% for the day. UnitedHealth Group (UNH) led the gainers with a 2.7% rise, while Salesforce.com (CRM) dropped to the bottom of the index with a 4.4% loss.
The S&P 500 Index (SPX - 4,481.15) lost 44 points, or 1%, for the day, while the Nasdaq Composite (IXIC - 13,888.82) shed 315.4 points, or 2.2% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 22.10) added 1.1 points, or 5.1% for the day.
5 Things To Know Today
- One of the many shortages due to the war in Ukraine, prices for fertilizers are skyrocketing, which could have an impact on food supplies. (CNBC)
- Oil executives defended themselves to the U.S. Congress today, as lawmakers question why prices remain elevated. (Reuters)
- Now looks like a good time to weigh in on BMY with calls.
- Options traders target this soaring cannabis stock.
- Rivian Automotive stock succumbs to sector slump.
Oil Settles at 3-Week Low
Oil prices fell below the $100 mark and settled at their lowest levels in three weeks, after news that the International Energy Agency (IEA) will release 120 million barrels from its oil reserves. May-dated West Texas Intermediate (WTI) fell $5.73, or 5.6%, to settle at $96.23 a barrel
Gold prices fell today, but gained in electronic trading following the release of the Fed minutes. June-dated gold shed $4.40, or 0.2%, to $1,923.10 an ounce.