Dow Stages Triple-Digit Bounce Despite Recession Fears

Oil settled at the a three-month high

Digital Content Manager
Jun 7, 2022 at 4:29 PM
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Stocks managed to find their way higher on Tuesday, as investors brushed off Target's (TGT) slashed profit forecast. The Dow added 264 points, while the S&P 500 and Nasdaq also finished with solid wins, thanks to gains in the tech and energy sectors. The risk of a potential recession was not lost on traders, though, after the Atlanta Federal Reserve’s GDPNow tracker showed 0.9% growth for the second quarter, as opposed to last week's 1.3% reading. Elsewhere, the Cboe Volatility Index (VIX) posted a loss after two days of gains.

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

  • A new Apple update hurt these 2 fintech stocks today.
  • This is the best chip stock for the remainder of 2022.
  • Plus, coal mining stock scores upgrade; PLAY pops on earnings beat; and analysts turn bullish on Exxon Mobil stock.

The Dow Jones Average (DJI - 33,180.14) added 0.8% or 264.4 points for the day. Salesforce (CRM) rose 2.3%, leading the gainers. Walmart (WMT), meanwhile, paced the laggards with a 1.2% drop.

The S&P 500 Index (SPX - 4,160.68) rose 39.3 points, or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,175.23) gained 113.9 points, or 0.9% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 24.02) fell 1.05 point, or 4.2% for the day.

closing indexes jun 7

nyse and nasdaq june 7

5 Things to Know Today

  1. Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill on Tuesday that would classify digital assets such as cryptocurrencies as commodities. (CNBC)
  2. BofA Global Research analysts believe surging mortgage rates, paired with higher home prices, have led to a "collapse" of home affordability in the U.S. (MarketWatch)
  3. Jefferies upgraded this coal mining stock to "buy" from "neutral."
  4. Dave & Buster's Entertainment stock surged after a quarterly win.
  5. Why Exxon Mobil stock attracted positive analyst attention today.

earnings june 7

uvol june 7

Gold Prices Rise as U.S. Dollar Cools

Oil prices rose on Tuesday, ending just below $120 at a three-month high. Stronger demand amid easing Covid-19 restrictions in China, as well as tighter supplies due to the Russia-Ukraine war are supporting black gold. July-dated crude added 91 cents, or 0.8%, to settle at $119.41 per barrel.

Gold prices settled higher as well, as the U.S. dollar lost strength. Investors are eyeing the consumer-price index for May, which will provide additional insight U.S. inflation on Friday. In turn, August-dated gold rose 0.5%, or $8.40, to settle at $1,852.10 an ounce. 

 

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