Inflation rose to its highest level in over 40 years
Stocks reversed their sizable midday gains today. The Dow turned sharply lower despite trading 365 points higher at its session peak, while the Nasdaq and S&P 500 snagged their third-straight losses. Investors were initially encouraged that this morning's consumer price index implied a peak in inflation may be imminent. However, Wall Street pared its gains as investors still weighed the tighter monetary policy looming from the Federal Reserve in the coming months. Following the report, the 10-year Treasury yield pulled back from its three-year highs.
Continue reading for more on today's market, including:
- The retail stock options bears should be watching.
- 2 cloud stocks to target as tech tries to bounce back.
- Plus, what to do with red-hot TGT; KMX's post-earnings pullback; and how to use the fig leaf options strategy.
The Dow Jones Average (DJI - 34,220.29) dropped 87.8 points, or 0.3% for the day. Dow (DOW) led the gainers with a 2.1% rise, while Cisco Systems (CSCO) dropped to the bottom of the index with a 2% loss.
The S&P 500 Index (SPX - 4,397.45) lost 15.1 points, or 0.3%, for the day, while the Nasdaq Composite (IXIC - 13,371.57) fell 40.4 points, or 0.3% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 24.26) lost 0.1 point, or 0.5% for the day.
5 Things To Know Today
- As inflation soars, you may have noticed that grocery prices have increased. Here's how much several items have jumped in price. (CNBC)
- This upcoming Earth Day, April 22, Lululemon Athletica Inc (LULU) will launch its resale program. The proceeds will go to sustainability initiatives. (MarketWatch)
- Target stock has toppled several trendlines on the charts.
- Earnings miss sent CarMax stock lower.
- The basics of the fig leaf options strategy.
Gold Prices Nab Four Straight, Hit 1-Month High
Oil prices settled back above $100, amid news that China has begun to lift lockdowns. May-dated West Texas Intermediate (WTI) crude rose $6.31, or 6.7%, to settle at $100.60 a barrel.
Gold prices rose for the fourth straight day. June-dated gold added $27.90, or 1.4%, to settle at $1,976.10 an ounce -- the highest settlement for the front-month contract since March 11.