All three benchmarks turned in steep monthly deficits
The market's wildly volatile week ended in a bloodbath today, with the Dow losing 939 points to log its fifth-straight weekly loss. The blue-chip benchmark joined the S&P 500 for its worst month since March 2020, as the latter also closed with steep daily losses and its fourth consecutive week in the red. Meanwhile, the Nasdaq recorded its biggest monthly deficit since October 2008, and also notched its fourth-straight week lower.
Meanwhile, Wall Street's "fear index," the Cboe Market Volatility Index (VIX), landed its fourth consecutive week of gains for its best month since November 2021. Tech shares pressured the market today, weighed down by Amazon.com's (AMZN) gloomy forecast, while investors unpacked the latest inflation data.
Continue reading for more on today's market, including:
- History says buy the dip on this blue-chip stock.
- Checking in with ETF QQQ after the NDX's slide.
- Plus, unpacking earnings reports from 3 big names.
The Dow Jones Average (DJI - 32,977.21) lost 939.2 points, or 2.8% for the day. Honeywell (HON) topped the list of Dow members with a 1.9% rise, while Intel (INTC) sank to the bottom after shedding 6.9%. For the week, the blue-chip index shed 2.5%, and logged a 4.9% monthly deficit.
The S&P 500 Index (SPX - 4,131.93) dropped 155.6 points, or 3.6% for the day, 3.3% for the week, and 8.8% for the month. Meanwhile, the Nasdaq Composite (IXIC - 12,334.64) fell 536.9 points, or 4.2% for the day, 3.9% for the week, and 13.2% for the month.
Lastly, the Cboe Market Volatility Index (VIX - 33.40) added 3.4 point, or 11.4% for the day, 18.4% for the week, and 62.4% for the month.
5 Things To Know Today
- With the NFL draft coming up, here's how much each pick will earn on their rookie contracts. (Marketwatch)
- Warren Buffett's Berkshire Hathaway will hold its in-person annual meeting for the first time since 2019 on Saturday, with shareholders heading to Nebraska for what has been dubbed the "Woodstock for Capitalists." (CNBC)
- Oil name nearly quadrupled their quarterly profits.
- Weak guidance sends semiconductor stock lower.
- Robinhood stock hit a record low before rebounding.
Gold Logs Worst Drop in 7 Months
Oil prices put an end to their three-day win streak short today, with June-dated West Texas Intermediate (WTI) crude losing 67 cents, or 0.6%, to close at $104.69 a barrel. However, black gold still finished the week with a 2.6% jump, and added 4.4% for the month, amid supply concerns over Russia's invasion of Ukraine.
Gold futures settled higher on Friday, with June-dated gold adding $20.40, or 1.1%, to settle at $1,911.70 an ounce. However, the commodity still lost 1.2% for the week, and turned in a 2.1% monthly decline for its worst month since September.