Dow Scores 618-Point Win, Nasdaq Snaps 3-Day Skid

The S&P 500 moved away from bear market territory today

Managing Editor
May 23, 2022 at 4:32 PM
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Stocks rose today, with the Dow tacking on 618 points for its best single-session gain since May 4. The S&P 500 and Nasdaq also scored sizable gains, the former gaining some separation from bear market territory and the latter snapping a three-day losing streak. Wall Street got a much-needed dose optimism thanks to comments from President Joe Biden on China tariffs, while JPMorgan Chase (JPM) paced the blue-chip index amid a booming lending business. Elsewhere, Wall Street's "fear gauge," the Cboe Market Volatility Index (VIX), logged its eighth loss in the last 10 trading days, but still remains elevated off its annual lows.

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

  • Options bulls unfazed by the Microsoft stock pullback.
  • Signal says buy the dip on Kellogg stock.
  • Plus, ADSK downgraded; merger rumors around EA; and Garmin's options activity.

The Dow Jones Average (DJI - 31,880.24) added 618.3 points, or 1.9% today. JPM led the list of 27 Dow gainers after turning in a 6.2% pop, while Dow (DOW) lost 1% to pace the three laggards.

The S&P 500 Index (SPX - 3,973.75) gained 72.4 points, or 1.9% for the day, while the Nasdaq Composite (IXIC - 11,535.27) tacked on 180.7 points, or 1.6% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 28.48) shed 1 point, or 3.2% today.

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5 Things to Know Today

  1. Airbnb (ABNB) has allegedly decided to halt domestic business in mainland China, citing cost and rival companies. The vacation rental site will continue to provide resources for outbound travel, however. (CNBC)
  2. Finance powerhouse Bank of America (BAC) is initiating the beginning of its plan to have starting pay be $25/hour in 2025, by bumping wages to $22/hour at the end of June. (MarketWatch)
  3. What just sent Autodesk stock to multi-year lows.
  4. Merger rumors just sent this video game stock surging.
  5. The latest on GPS maker, Garmin stock.

There were no earnings of note today.

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Gold Logs 3-Straight

Oil prices climbed today amid tighter supply ahead of the summer, which is expected to be a busy travel season. July-dated crude gained $1.06, or 1%, to settle at $111.35 per barrel.

Fresh off a weekly win, gold logged its third-straight win today. June-dated gold tacked on $5.70, cents, or 0.3%, to settle at at $1,847.80 an ounce today.

 

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