The Dow settled 326 points lower
Red-hot inflation data ultimately came back to bite Wall Street on Wednesday. The Dow reversed its afternoon triple-digit gains and ended up walking away with a 326-point drop and fifth-straight daily loss, following April's disappointing consumer price index (CPI) data. The S&P 500 slipped into the red as well, while the Nasdaq deepened its midday losses as the tech sector struggled. Today's inflation data has traders eyeing the Federal Reserve, with some analysts noting the central bank may need to be more aggressive to successfully contain rapidly rising prices.
Continue reading for more on today's market, including:
- How Walt Disney stock fared ahead of earnings.
- This fast food stock plummeted after a quarterly miss.
- Plus, dismal profit forecast weighs on Toyota Motors stock; why call traders swarmed HRB; and analyst downgrades car e-tailer.
The Dow Jones Average (DJI - 31,834.11) shed 326.6 points, or 1% today. Visa (V) added 1.6% today, leading the gainers. Apple (AAPL), meanwhile, paced the laggards with a 5.2% drop.
The S&P 500 Index (SPX - 3,935.18) fell 65.9 points, or 1.7% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,364.24) lost 373.4 points, or 3.2% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 32.56) lost 0.4 point, or 1.3%.
5 Things to Know Today
- The Dallas Federal Reserve named Lorie K. Logan as its new president. Logan will succeed Robert Kaplan, who resigned last year after being scrutinized over his stock holdings. (CNBC)
- Moderna's (MRNA) newly minted CFO has left his position after just two days, following the disclosure of an internal probe at his previous employer. (MarketWatch)
- Toyota Motors stock sinks after slashed 2022 profit forecast.
- Options bulls rushed H&R Block after today's beat-and-raise.
- An analyst downgrade had Carvana stock extending its recent slide.
Gold, Oil Prices Stage Major Comebacks
Dwindling Covid-19 cases in China helped oil futures score a win on Wednesday, and erase yesterday's selloff. Traders brushed off worse-than-expected inflation data, after Morgan Stanley said black gold could reach $130 a barrel by the end of this year. June-dated crude added $4.92, or 4.9%, to close at $104.68 per barrel.
Gold prices settled higher as well to log their best day in more than one week. Today's pop comes amid the aforementioned inflation reading, which has helped the yellow metal bounce back from its lowest level in three months. June-dated gold added $12.70, or 0.7%, to settle at at $1,853.70 an ounce.