S&P 500 Notches Best Two-Day Gain Since Covid Lows

A wider-than-expected drop in job openings encouraged investors

Digital Content Manager
Oct 4, 2022 at 4:29 PM
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The Dow added 825 points on Tuesday, extending yesterday's feverish rally as Treasury yields continued to retreat from their highest levels in over a decade. The blue-chip index reclaimed the psychologically significant 30,000 level, and has added roughly 1,590 points in the last two days. Both the S&P 500 and Nasdaq nabbed sizable gains of their own as well, the former scoring its best two-day percentage gain since March 2020.

Wall Street cheered cooler-than-expected job openings data for August, which has traders hoping the U.S. Federal Reserve may soon be ready to walk back its hawkish policy. Elsewhere, the Cboe Volatility Index (VIX) logged a third-straight loss and closed below 30.

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

  • Why this biotech stock could keep rallying.
  • Poshmark stock enjoyed buyout tailwinds.
  • Plus, EV name reveals strong production data; retail stock's rally may be short-lived; and Domino's Pizza stock upgraded.

The Dow Jones Average (DJI - 30,316.32) added 825.4 points, or 2.8% for the day. Boeing (BA) led the gainers, adding 5.9%, with no blue-chip stocks recording losses.

The S&P 500 Index (SPX - 3,790.93) rose 112.5 points, or 3.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,176.41) gained 361 points, or 3.3% for the session.

Lastly, the Cboe Volatility Index (VIX - 29.07) lost 1 point, or 3.4% for the session.

closing summary Oct4

nyse nasdaq Oct4

5 Things to Know Today

  1. Semiconductor name Micron Technology (MU) announced it will spend up to $100 billion in the next 20 years to build a computer chip factory in New York. (CNBC)
  2. Tesla (TSLA) CEO Elon Musk's offer to buy Twitter (TWTR) for $54.20 per share is now back on the table, potentially eliminating the need for a court trial. (Bloomberg)
  3. Rivian Automotive stock popped on strong vehicle production. 
  4. Historically bearish signal could stall this retail stock.
  5. Analyst: Domino's Pizza has overblown demand concerns.

There were no notable earnings reports today.

UVOL Oct4

Oil Prices Move Higher Ahead of OPEC+ Meeting

Oil prices moved higher on Tuesday to notch their highest close since mid-September, amid reports that the Organization of the Petroleum Exporting Countries and their allies (OPEC+) will consider cutting production by 2 million barrels per day on Wednesday. In response, November-dated crude added $2.89, or 3.5%, to close at $86.52 per barrel.

Gold prices moved higher as well, settling at their highest level in approximately three weeks. Cooling Treasury yields continued to provide support for the precious metal. December-dated gold added $28.50, or 1.7% to close at $1,730.50 an ounce.

 

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