All three benchmarks moved higher in the last hour of trading
After flipping above and below breakeven for the better part of the afternoon, the major indexes jumped to a positive finish -- the Dow closing with a confident triple-digit win. Investors are looking ahead to the start of the Federal Reserve's two-day policy meeting, which will kick off tomorrow, in which Wall Street anticipates another interest rate hike of 75 basis points. In the meantime, the plummeting crypto sector is in the spotlight, as well as rising bond yields, with the 10-year Treasury yield earlier hitting an 11-year high.
Continue reading for more on today's market, including:
- Steel stock popular amongst options traders.
- Bull signal flashing on underperforming PayPal stock.
- Plus, BLUE secures FDA approval; NCR receives downgrade; and AZO rises after earnings.
The Dow Jones Average (DJI - 31,019.68) rose 197.3 points, or 0.6% for the day. Nike (NKE) led the gainers with a 3% rise, while Merck (MRK) landed at the bottom of the list with a 1.2% drop.
The S&P 500 Index (SPX - 3,899.89) added 26.6 points, or 0.7% for the day, while the Nasdaq Composite (IXIC - 11,535.02) gained 86.6 points, or 0.8%.
Lastly, the Cboe Volatility Index (VIX - 25.76) fell 0.5 point, or 2.1%.
5 Things to Know Today
- Amid a shortage of pilots, the Federal Aviation Administration (FAA) rejected a proposal to halve the number of hours required to become a co-pilot. (CNBC)
- Inflation is having an impact on the plant-based industry, with Beyond Meat (BYND) stock hitting a record low today. (MarketWatch)
- Call traders targeted this biotech stock in volatile day.
- Morgan Stanley downgrades NCR after its recent split.
- AutoZone announced a strong fiscal fourth-quarter report.
Gold Futures Near 2-Year Low
Oil prices moved higher today, as investors note tight supplies and await the Fed meeting. October-dated West Texas Intermediate (WTI) crude rose 62 cents, or 0.7%, to settle at $85.73 a barrel.
Gold futures fell for the fourth day in the last five, holding near their recent two-year lows. December-dated gold dropped $5.30, or 0.3%, to settle at $1,678.20 per ounce.