Stocks Snap Weekly Losing Streaks Despite Selloff

Traders are concerned the jobs report may encourage the Fed

Digital Content Manager
Oct 7, 2022 at 4:26 PM
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The stock selloff accelerated on Friday, with the Dow shedding 630 points. The jobs report for September revealed job growth fell only slightly and the unemployment rate continued to tumble. Traders are concerned a strong jobs market may encourage the Federal Reserve to double down on its hawkish policy, with bond yields rising in response. 

Though the S&P 500 and Nasdaq also logged steep losses of their own, all three major benchmarks still managed to snap three-week losing streaks, after kicking off October and a new quarter with a blowout rally. Meanwhile, the Cboe Volatility Index (VIX) logged its first weekly loss in four.

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

  • What's behind DraftKings stock's big breakout?
  • Ambac Financial stock surged thanks to a big settlement. 
  • Plus, unpacking this chip stock's warning; three tech stocks to avoid; and another LYFT bear note.

The Dow Jones Average (DJI - 29,296.79) shed 630.2 points, or 2.1% for the day, and added 2% for the week. Merck (MRK) was the only gainers, adding 0.2%, while Intel (INTC) paced the laggards with a 5.4% loss.

The S&P 500 Index (SPX - 3,639.66) lost 104.9 points, or 2.8% for the day, and rose 1.5% for the week. Meanwhile, the Nasdaq Composite (IXIC - 10,652.40) dropped 420.9 points, or 3.8% for the session, and gained 0.8% for the week.

Lastly, the Cboe Volatility Index (VIX - 31.36) added 0.08 point, or 1.9% for the session, but shed 0.8% for the week.

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5 Things to Know Today

  1. New cars are becoming more widely available as supply chain issues ease, but higher financing costs may cut demand and pressure the auto industry. (CNBC)
  2. Cannabis stocks enjoyed record gains after U.S. President Joe Biden yesterday pardoned all prior federal offenses of simple marijuana possession. (MarketWatch)
  3. Semiconductor slips after a grim third-quarter forecast.
  4. Stay away from these 3 tech stocks in the coming month.
  5. Analyst: Uber has more "structural advantages" over Lyft. 

There were no notable earnings reports today.

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Supply Cuts Gives Oil Prices Massive Weekly Win

Oil prices were higher once again on Friday to score a fifth-straight daily win and 16.5% weekly gain. Boosting black gold this week was the Organization of Petroleum Exporting Countries and their allies' (OPEC+) massive production cut of 2 million barrels per day. November-dated crude added $4.19, or 4.7%, to close at $92.64 per barrel.

Gold prices settled lower on the heels of a September's jobs report that pointed to rising inflation, but still managed to gain 2.2% for the week. December-dated shed $11.50, or 0.7%, to close at $1,709.30 per ounce.

 

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