S&P 500, Nasdaq Log Longest Weekly Win Streaks of 2022

A drop in U.S. import prices fueled optimism today

Digital Content Manager
Aug 12, 2022 at 4:29 PM
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Stocks wrapped up a week of upbeat inflation data with a bang. The Dow extended its midday gains to finish 424 points higher, and nabbed a solid weekly gain. The Nasdaq and S&P 500 settled comfortably in the black as well, extending their gains for a fourth-straight week -- their longest weekly win streak since November. A wider-than-expected drop in U.S. import prices fueled optimism, while the University of Michigan's (UM) one-year inflation expectations inched lower. Elsewhere, the Cboe Volatility Index (VIX) saw its eighth consecutive week in the red.

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

  • Why Honest stock brushed off a quarterly revenue jump.
  • Analysts blasted Illumina stock with post-earnings bear notes.
  • Plus, weed stocks in the spotlight; Morgan Stanley turns bullish on WMT; and unpacking Poshmark's dismal results.

The Dow Jones Average (DJI - 33,761.05) rose 424.4 points, or 1.3% for the day, and 2.9% for the week. Walt Disney (DIS) led the gainers, adding 3.3%. Johnson & Johnson (JNJ) was the only loser, falling 1.1%.

The S&P 500 Index (SPX -  4,280.15) added 72.9 points, or 1.7% for the day, and 3.2% for the week. The Nasdaq Composite (IXIC - 13,047.19) gained 267.3 points, or 2.1% for the session, and 3% for the week.

Lastly, the Cboe Market Volatility Index (VIX - 19.53) shed 0.7 point, or 3.3% for the day, and 7.7% for the week.

closing summary August12

nyse nasdaq August12

5 Things to Know Today

  1. Peloton (PTON) is cutting about 780 jobs, closing several stores, and hiking the price of some equipment in an effort to cut costs and become profitable. (CNBC)
  2. The Federal Bureau of Investigation (FBI) recovered 11 sets of classified documents from former U.S. President Donald Trump Mar-a-Lago estate(Wall Street Journal)
  3. Diving into this week's slew of cannabis names' financial results.
  4. Morgan Stanley says Walmart's profit warning may be overblown.
  5. Quarterly sales outlook weighed on Poshmark stock after earnings.

New Earnings August12

 UVOL August12

Gold Prices Score 4th-Straight Weekly Win

Oil futures were lower on Friday, but still notched a 3.5% weekly win as traders became  less worried about a potential recession hurting demand for black gold. Still, reports that supply disruptions in the Gulf of Mexico won't last weighed on the commodity. In turn, September-dated crude fell $2.25, or 2.4%, to settle at $92.09 per barrel for the day.

Gold prices edged higher to extend their win streak for a fourth consecutive week -- the longest since December. This week's round of economic data, which pointed to cooling inflation, boosted the commodity, which was also enjoying tailwinds from a weaker U.S. dollar. December-dated gold rose $8.30, or 0.5%, to close at $1,815.50 an ounce, and added 1.3% for the week.

 

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