Stocks Start October, Fourth Quarter Off Strong

Semiconductor stocks were among today's top gainers

Digital Content Manager
Oct 3, 2022 at 4:28 PM
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Stocks were determined to kick off a new month and quarter on a positive note after closing out September on a whimper. The Dow rose 765 points to notch its first win in three sessions, and registered its best single-session gain since May 4. The S&P 500 also scored a win of its own and logged its best day since July 27, although put traders remain out in droves. Meanwhile, the Nasdaq saw its best single-day percentage win since Aug. 10 as the 10-year U.S. Treasury yield cooled and the chip sector gained traction.

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

  • Data business sale sends Viasat stock surging.
  • Tech stock with a scary October track record.
  • Plus, seasonality tailwinds could blow for bank stock; snub boosts Myovant Sciences stock; and unpacking BOX's upgrade.

The Dow Jones Average (DJI - 29,490.89) added 765.4 points, or 2.7% for the day. Chevron (CVX) led the gainers, adding 5.6%. Johnson & Johnson (JNJ) was the only loser with a 0.1% dip.

The S&P 500 Index (SPX - 3,678.43) rose 92.8 points, or 2.6% for the day. Meanwhile, the Nasdaq Composite (IXIC -10,815.43) gained 239.8 points, or 2.3% for the session.

Lastly, the Cboe Volatility Index (VIX - 25.87) lost 0.3 point, or 1.3% for the session.

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5 Things to Know Today

  1. Kim Kardashian will pay over $1 million to settle U.S. Securities and Exchange Commission (SEC) charges related to a crypto social media promotion. (CNBC)
  2. King Charles III will not attend next month's international climate change summit, fueling rumors he will tone down his environmental activism. (MarketWatch)
  3. Blue-chip bank stock among the best names to own this month.
  4. Bulls blasted Myovant Sciences stock on rejected buyout offer.
  5. Box stock upgraded amid "strong large deal momentum." 

There were no notable earnings reports today.

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Oil Prices Surge on Output Rumors

Oil prices skyrocketed on Monday, amid rumors that the Organization of the Petroleum Exporting Countries and their allies (OPEC+) will cut production by more than 1 million barrels per day. November-dated crude added $4.14, or 5.2%, to close at $83.63 per barrel.

Gold prices were also higher, extending last week's gains to finish at their highest level since mid-September as Treasury yields cooled. December-dated gold rose $30, or 1.8% to close at $1,702 an ounce.

 

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