Dow Logs 6th-Straight Weekly Loss to Start May

April's upbeat jobs report kept pessimism in check today

Deputy Editor
May 6, 2022 at 4:32 PM
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The stock selloff kept strong to close out the week, though the major indexes closed Friday with more modest losses than the previous session thanks to an uplifting April jobs report. The Dow's 98-point drop today resulted in its sixth-straight weekly dip, while the S&P 500 and Nasdaq also finished the day lower, each scoring their fifth-consecutive week of losses. Elsewhere, Wall Street's "fear gauge," the Cboe Market Volatility Index (VIX), snapped a four-week win streak.

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

  • Under Armour stock suffered after giving a dismal outlook.
  • This delivery stock hit a record low after earnings.
  • Plus, SPCE hit an all-time low; 1 tech stock that nearly quadrupled call buyers' money; and unpacking Peloton's stake sale.

The Dow Jones Average (DJI - 32,899.37) shed 98.60 points, or 0.3% for the day, and 0.2% for the week. Of the 12 blue-chip winners today, Chevron (CVX) gained the most with a 2.7% rise. Meanwhile, Nike (NKE) rounded out the laggards after losing 3.5%.

The S&P 500 Index (SPX - 4,123.34) fell 23.5 points, or 0.6% for the day, and the Nasdaq Composite (IXIC - 12,144.66) lost 173 points, or 1.4% for the day. The benchmarks dipped 0.2% and 1.5%, respectively, this week.

Lastly, the Cboe Market Volatility Index (VIX - 30.19) fell 1 point, or 3.2% for the day. For the week, the fear gauge erased 9.6%.



5 Things to Know Today

  1. According to four U.S. officials, U.S. President Joe Biden is going to sign a $100 million weapons package to further arm Ukraine. (Reuters).
  2. The Senate Judiciary Committee voted in favor of the No Oil Producing and Exporting Cartels Act, which aims to expose the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to antitrust lawsuits. (MarketWatch)
  3. Why Virgin Galactic stock hit a new all-time low.
  4. This tech stock nearly quadrupled call traders' money.
  5. Peloton ponders minority stake sale as struggles continue.



Oil Scores 2nd-Straight Weekly Rise

Oil prices notched a small win to close out the week, with supply anxieties giving black gold a modest bump. Gasoline prices also surged to a record high in intraday trading. June-dated crude added $1.51, or 1.4%, to close at $109.77 per barrel, and 4.9% this week for its second-straight weekly pop.

Stronger-than-expected employment data in the U.S. helped gold log a win on Friday, though its losing weekly losing streak was extended. Specifically, June-dated gold added $7.10, or 0.4%, to settle at at $1,882.80 an ounce today, but fell 1.5% over the last five days for its third-straight weekly loss.


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