Dow Jumps Higher as Fed Vows to Beat Back Inflation

The S&P 500 and Nasdaq both strung on another win as well

Digital Content Manager
Jul 6, 2022 at 4:27 PM
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Stocks staged a bounce off their midday losses to settle the day with solid gains. The Dow added nearly 70 points, while the S&P 500 and Nasdaq both managed to string together another daily win as Big Tech climbed higher. All eyes were on the Federal Reserve today after it pledged to bring down inflation during the release of its June meeting minutes this afternoon. The Fed also noted that another 50- or 75-basis point hike will likely be on the docket during the next meeting. Meanwhile, bond yields saw a bounce, with the 10-year Treasury yield rising more than 2%. 

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

  • This budget airline just won several key runway spots. 
  • The household goods name gearing up for the earnings confessional. 
  • Plus, a look at Cracker Barrel stock; why bulls should target ULTA; and COIN suffers another bear note.

The Dow Jones Average (DJI -  31,037.68) added 69.9 points, or 0.2% for the day. UnitedHealth (UNH) led the gainers, adding 2%. Walgreens Boots Alliance (WBA) paced the laggards with a 1.9% drop.

The S&P 500 Index (SPX - 3,845.08) gained 13.7 points, or 0.4% for the day. Meanwhile, the  Nasdaq Composite (IXIC - 11,361.85) rose 39.6 points, or 0.4% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 26.73) shed 0.8 point, or 2.9% for the day.

closing summary July6

nyse nasdaq July6

5 Things to Know Today

  1. Peloton has introduced a series of morale-boosting incentives, including one-time cash bonuses and revisions to its stock compensation plan, five months into Barry McCarthy's run as CEO of the company. (CNBC)
  2. U.S. Senator Lindsey Graham said he refuses to cooperate with a grand jury in Georgia's investigation into former U.S. President Donald Trump's suspected attempts to skew the results of the 2020 election. (Reuters)
  3. A look at Cracker Barrel stock's performance, now that its buyback program is underway.
  4. This cosmetics stock is seeing several layers of support on the charts. 
  5. The analyst joining in the bearish chorus on Coinbase stock

There are no earnings reports of note today.

UVOL July6

Crude Futures Enter Bear Market 

Oil futures officially entered a bear market today, as defined by a 20% or more pullback from the commodity's highs. sparking the negative price action are concerns that the Fed's tightening fiscal policy could speed up the economy's move toward a recession, which could ding demand. For the day, August-dated crude lost $0.97, or 1%, to settle at $98.53 per barrel, marking its lowest front-month settlement since April.

Gold prices continued to tumble as well, turning in their seventh-consecutive daily drop, thanks to the rise of the U.S. dollar, as well as a fall in industrial metals and silver. August-dated gold fell $27.40, or 1.6%, to close at $1,736.50 an ounce.



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