Stocks Lose Steam as Demand Weighs on Oil

U.S. President Joe Biden urged Congress to suspend the federal gas tax

Digital Content Manager
Jun 22, 2022 at 4:29 PM
facebook X logo linkedin

Stocks finished marginally lower today, after spending most of the session in the black. Despite trading up 400 points at its session highs, the Dow settled 47 points lower, while the S&P 500 and Nasdaq also lost steam later in the day. Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee today injected some positivity into the markets, but the relief rally ultimately proved short-lived. In other news, U.S. President Joe Biden today urged Congress to suspend the federal gas tax for three months, as consumers continue to face high prices at the pump.

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

The Dow Jones Average (DJI -  30,483.13) dropped 47.1 points, or 0.2%, for the day. UnitedHealth Group (UNH) led the gainers, adding 2%. Dow (DOW), meanwhile, paced the laggards with a 4.8% drop.

The S&P 500 Index (SPX - 3,759.89) shed 4.9 points, or 0.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,053.08) fell 16.2 points, or 0.2% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 28.95) lost 1.2 points, or 4.11% for the day.

closing indexes june 22

nyse and nasdaq june 22

5 Things to Know Today

  1. Retail holding company Franchise Group is reportedly considering lowering its bid to acquire Kohl's (KSS) to $50 from about $60 per share, as recession fears swirl. (CNBC)
  2. Retail traders are blasting heavily shorted Revlon (REV) stock, with shares more than quadrupling since the company filed for bankruptcy last week. (MarketWatch)
  3. eBay breaks into NFT market with KnowOrigin buyout.
  4. RBC says this REIT could weather economic turmoil.
  5. Winnebago stock edged higher after an earnings beat.

earnings june 22

uvol june 22

Potential Gas Tax Holiday Nips Oil

Oil prices settled sharply lower on Wednesday to register their worst close in roughly six weeks. The potential three-month U.S. gas tax holiday and demand concerns weighed on black gold. August-dated crude shed $3.33, or 3%, to settle at $106.19 per barrel.

Meanwhile, gold futures finished modestly lower to log a third-straight loss. August-dated gold lost 40 cents, or about of 0.1%, to close at $1,838.40 an ounce.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI