Shaky Session Ends in Losses as Wall Street Drops Risky Assets

Markets look to be holding their breath before an economically telling earnings season

Digital Content Manager
Jul 12, 2022 at 4:26 PM
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It was a shaky day on Wall Street, with the major indexes swinging to sizable midday leads before shrinking back below their respective breakeven levels. The Dow struggled for direction before eventually logging a 192-point drop, while the Nasdaq and S&P 500 finished the day with muted losses. Traders are grappling for a catalyst right now, with a pivotal earnings season just ahead and the weakening global economy looming large. The fear has many dumping riskier assets in favor of the U.S. dollar -- a noted traditional safe haven -- which has risen roughly 13% so far this year.

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

  • What analysts are saying about JPMorgan Chase stock before earnings. 
  • Another bank stock gearing up for its quarterly report. 
  • Plus, a technical look at CTLT; CSX blasted by options bears; and AXP gets a downgrade.

The Dow Jones Average (DJI -  30,981.33) shed 192.5 points, or 0.6% for the day. Boeing (BA) led the gainers, adding 7.4%. Salesforce (CRM) paced the laggards with a 4.6% fall.

The S&P 500 Index (SPX - 3,818.80) lost nearly 35.6 points, or 0.9% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,264.73) shed 107.9 points, or nearly 1% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 27.29) added 1.1 point, or 4.3% for the day.

Closing Summary July12

nyse nasdaq July12

5 Things to Know Today

  1. The euro touched its lowest level since December 2002, falling to $0.9998 against the U.S. dollar, meaning it hit parity with the dollar for the first time in 20 years. (CNBC)
  2. Measures are being taken in the U.S. to combat the quickly spreading BA.5 omicron variant of the Coronavirus, with President Joe Biden outlining a strategy that includes a access to vaccines, treatments, and tests. (MarketWatch)
  3. Breaking down Catalent stock's technical performance
  4. Why options bears were targeting struggling CSX stock today. 
  5. This credit card name was slammed with bear notes. 

Earnings July12

UVOL July12

Gold Hits Lowest Settlement Since September 2021

Oil futures dropped once again on Tuesday, settling back below the $100 level to their lowest close since April, as investors predict a weakness in demand for the black gold. August-dated crude lost $8.25, or 7.9%, to finish at $95.84 per barrel for the day.

Gold strung together its second-straight daily drop as well as its lowest settlement since September 2021, as the dollar's strength showed no signs of flagging. August-dated gold lost $6.90, or 0.4%, to close at $1,724.80 an ounce.

 

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