Stocks Sluggish After Spike in Bond Yields

Oil and gold prices both hit multi-week highs

Deputy Editor
Apr 18, 2022 at 4:24 PM
facebook twitter linkedin


It was a mostly muted day of trading on Wall Street, with all three major indexes struggling for direction throughout the day before ultimately finishing lower. All eyes were on the 10-year Treasury yield, which deflated investor sentiment after earlier rising to a three-year high. And a surge from several energy stocks was not enough to boost the S&P 500, after natural gas prices jumped to their highest level since 2008.

Meanwhile, Bank of America (BAC) kicked off what will be a busy week of earnings with a strong first-quarter report. In economic data, the National Association of Home Builders’ monthly confidence index fell for the fourth-straight month in April -- losing 2 points to a reading of 77.

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

  • Energy stock could extend its recent rally. 
  • Options traders have been targeting this oil stock
  • Plus, 2 stocks downgraded; and a check-in with ETSY. 

The Dow Jones Average (DJI - 34,411.69) fell 39.5 points, or 0.1% for the day. Goldman Sachs (GS) led the gainers with a 2.6% rise, while Walt Disney (DIS) dropped to the bottom of the index with a 2.1% loss. 

The S&P 500 Index (SPX - 4,391.69) dropped just 0.9 points, or 0.02%, for the day, while the Nasdaq Composite (IXIC - 13,332.36) lost 18.7 points, or 0.1%.

Lastly, the Cboe Market Volatility Index (VIX - 22.17) fell 0.5 point, or 2.3%.

Summary 0418

NYSE Nasdaq 0418

5 Things To Know Today

  1. As agricultural commodities continue to surge amid the war in Ukraine, corn prices hit a nine-year high today.  (CNBC)
  2. A federal judge in Florida voided the CDC's national mask mandate for planes and public travel, deeming it unlawful. (MarketWatch)
  3. Progressive stock downgraded on auto insurance concerns. 
  4. Analyst says high inflation could hurt this fast-food name
  5. Underperforming Etsy stock trading near annual lows. 

Earnings 0418

UVOL 0418

Oil, Gold Hit Multi-Week Highs

Oil prices rose to a three-week high today. May-dated West Texas Intermediate (WTI) crude climbed $1.26, or 1.2%, to settle at $108.21 a barrel -- the highest finish for the front-month contract since March 25. 

Gold prices climbed today as well, as investors eye the "safe-haven" asset amid rising inflation. June-dated gold climbed $11.50, or 0.6%, to settle at $1,986.40 an ounce.

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners