Stocks Extend Weekly Losses, S&P 500 Hits Bear Market

Wall Street's "fear gauge" snapped a two-week losing streak

Deputy Editor
May 20, 2022 at 4:32 PM
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All week, investors fretted over the S&P 500's descent towards bear market, and those fears were legitimized Friday when the index officially -- but briefly -- moved more than 20% below its January record highs. Similarly, the Dow logged a flat day, losing a paltry 8 points, while the Nasdaq turned in a slight loss. Anxieties of a possible recession have weighed heavily on sentiment recently, which has pushed the Dow to an eight-week losing streak, while the S&P 500 and Nasdaq finished lower in the last seven. Due to the volatility, Wall Street's "fear gauge," just broke out of a two-week slump.

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

  • Unpacking this footwear stock's post-earnings response.
  • Schaeffer's Cannabis Stock News Update is back with 11 red-hot pot stocks.
  • Plus, VF rises despite lackluster earnings; discount retailer's double upgrade; and 1 blue chip's buzz.

The Dow Jones Average (DJI - 31,261.90) added 8.8 points, or 0.03% today, and lost 2.9% this week. Cisco Systems (CSCO) led the list of 16 Dow gainers after turning in a 2.9% pop, while Boeing (BA) lost 5.1% to pace the laggards.

The S&P 500 Index (SPX - 3,901.36) gained 0.6 point, or 0.01% for the day, while the Nasdaq Composite (IXIC - 11,354.62) lost 33.9 points, or 0.3% for the session. The indexes erased 3% and 3.8%, respectively, in the last five days.

Lastly, the Cboe Market Volatility Index (VIX - 29.43) rose 0.08 point, or 0.3% today, and 2.2% for the week.

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5 Things to Know Today

  1. Tourists are on a "revenge travel" campaign, with an eye-popping increase in air travel seen between 2021 and 2022. (MarketWatch)
  2. Russia today moved ahead with two payments to avoid defaulting on its international debt. (Reuters)
  3. VF stock brushes off parent-company's dismal earnings.
  4. Why Bank of America Securities loves this discount retailer.
  5. All the buzz surrounding this blue chip today.

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Gold Snaps Four-Week Losing Streak

Oil prices changed little over the course of the week, adding 2.5%, after Friday saw crude rise as demand concerns stemming from the EU's ban on Russian oil were balanced with slowing economic growth. For the session, July-dated crude gained 39 cents, or 0.4%, to settle at $110.28 per barrel.

Gold futures snapped a four-week losing streak -- their worst in nearly four years -- on Friday after booking a 1.7% pop over the last five days. Investors flocked back to Treasuries and the U.S. dollar for shield from Wall Street's tumultuous trading. Still, gains were modest, with June-dated gold adding 90 cents, or just under 0.1%, to settle at at $1,842.10 an ounce today.

 

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