Dow Gives Back 30K as Jobs Report Anxieties Run High

President Biden pardoned federal simple marijuana possession offenses

Digital Content Manager
Oct 6, 2022 at 4:26 PM
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Stocks extended their losses on Thursday, with the Dow finishing back below 30,000 and just off session lows. Both the Nasdaq and S&P 500 settled in the red as well, with higher-than-expected jobless claims tampering down optimism in the wake of an early week rally.

The Cboe Volatility Index (VIX) snapped a four-day losing streak to close above the 30 level once more. Elsewhere, U.S. President Joe Biden today pardoned all previous federal offenses of simple marijuana possession, and investors are keen to unpack tomorrow's jobs report for September.

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

  • Why options bears blasted Splunk stock today.
  • Embattled solar stock to buy on the dip.
  • Plus, LEVI cools before earnings; medtech stock eyes technical trouble; and Peloton's latest round of layoffs.

The Dow Jones Average (DJI - 29,926.94) shed 346.9 points, or 1.2% for the day. Chevron (CVX) led the gainers, adding 1.8%, while 3M (MMM) paced the laggards with a 3.5% loss.

The S&P 500 Index (SPX - 3,744.52) lost 38.8 points, or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,073.31) dropped 75.3 points, or 0.7% for the session.

Lastly, the Cboe Volatility Index (VIX - 30.52) added 2 points, or 6.9% for the session.

closing summary Oct6

nyse nasdaq Oct6

5 Things to Know Today

  1. Adidas is reviewing its partnership with Kanye West, amid the rapper's criticism on social media that he is not getting enough control over the Yeezy line. (CNBC)
  2. The Biden administration is weighing a U.S. ban on exports of gasoline and other refined petroleum products, according to a top White House official. (MarketWatch)
  3. Peloton's CEO questioned the company's standalone viability.
  4. Levi Strauss' options pits red-hot before earnings tomorrow.
  5. This medtech stock looks poised for even more downside.

Earnings Oct6

UVOL Oct6

Oil Prices Still Enjoying OPEC+ Tailwinds

Oil prices notched their fourth-straight win on Thursday, still enjoying tailwinds after the Organization of the Petroleum Exporting Countries and their allies' (OPEC+) decided to cut production by 2 million barrels per day. November-dated crude added 69 cents, or 0.8%, to close at $88.45 per barrel.

Gold prices were flat, meanwhile, as traders awaited the release of the September jobs report, which could sway Fed policy. December-dated closed at $1,720.80 an ounce.

 

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