Stocks Snap Losing Streaks, "Fear Gauge" Pivots Lower

The VIX logged its first loss in four sessions

Digital Content Manager
Aug 24, 2022 at 4:28 PM
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Stocks broke out of their rut on Wednesday, although investor sentiment remains on edge. The Dow added 59 points, while the S&P 500 and Nasdaq also scored modest gains, as all three major indexes snapped three-day losing streaks. Meanwhile, Wall Street's fear gauge, the Cboe Volatility Index (VIX), logged its first loss in four sessions.

The highly anticipated Federal Reserve’s Jackson Hole symposium -- which has driven some of the volatility so far this week -- kicks off tomorrow. The meeting could provide clues as to the central bank's next plans, with Fed Chairman Jerome Powell to offer remarks on Friday morning. 

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

  • Retail stock sinks, options bears pile on.
  • What boosted SoFi Technologies stock today.
  • Plus, Petco's disappointing results; a pre-earnings look at this tech giant; and Medtronic stock downgraded.

The Dow Jones Average (DJI - 32,969.23) added 59.6 points, or 0.2% for the day.  Salesforce (CRM) led the gainers, adding 2.3%. Dow (DOW) paced the laggards with a 2.5% drop.

The S&P 500 Index (SPX -  4,140.77) rose 12 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,431.53) gained 50.2 points, or 0.4% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 22.82) shed 3.2 points, or 15.5% for the day.

Closing Indexes Summary August 24

NYSE and Nasdaq Stats August 24

5 Things to Know Today

  1. President Joe Biden said he will forgive $10,000 in student debt for Americans earning under $125,000 per year, with roughly 9 million set to benefit. (CNBC)
  2. U.S. home values fell in July by 0.1% compared to the month before, marking the first monthly drop since 2012, according to a Zillow (ZG) report. (MarketWatch)
  3. A top- and bottom-line miss weighed on Petco stock today.
  4. Tech giant gearing up for next week's earnings.
  5. Why one analyst is skeptical of Medtronic stock.

Earning August 24

Unusual Options Activity August 24

Oil Prices Gain on Iran Nuclear Deal Reports

Oil prices edged higher on Wednesday to settle at their highest level in roughly three weeks. Boosting black gold were reports from Iran International and Al-Arabiya that the U.S. rejected all additional conditions Iran requested to the European Union's (EU) draft nuclear deal. October-dated crude added $1.15, or 1.2%, to close at $94.89 per barrel on the day.

Meanwhile, gold prices finished slightly above breakeven, as investors eyed the annual Jackson Hole Economic symposium. December-dated gold rose 30 cents, or 0.02%, to close at $1,761.50 an ounce.

 

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