Dow Breaches 30K, Still Nabs Second-Straight Weekly Win

The S&P 500 and Nasdaq settled lower for the week, though

Digital Content Manager
Oct 14, 2022 at 4:30 PM
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Lackluster retail sales and consumer sentiment data sent stocks skidding into the weekend, squashing any hopes that Wall Street's rally yesterday could have legs. Despite a triple-digit pop in the morning, the Dow ultimately shed 403 points, closing back below the psychologically significant 30,000 level. Nevertheless, thanks to yesterday's massive gain, the blue-chip index logged its second-straight weekly win. 

The Nasdaq and S&P 500 finished deep in the red as well, tagging weekly losses in the process. Elsewhere, the 10-year Treasury yield clocked a second-straight day above 4%, while the Cboe Volatility Index (VIX) logged its highest weekly close since April 29. 

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

  • Keep tabs on this copper mile marker.
  • Nutanix stock surged amid buyout interest.
  • Plus, Kroger's big Albertsons buyout; Beyond Meat slashing jobs; and a retail stock to watch.

The Dow Jones Average (DJI - 29,634.83) shed 403.9 points, or 1.3% for the day, but rose 1.2% for the week. JPMorgan Chase (JPM) led the gainers, adding 1.7%, while American Express (AXP) paced the laggards with a 3.4% drop.

The S&P 500 Index (SPX - 3,583.07) dropped 86.8 points, or 2.4% for the day, and 1.5% for the week. Meanwhile, the Nasdaq Composite (IXIC - 10,321.39) fell 327.8 points, or 3.1% for the session, and 3.1% for the week.

Lastly, the Cboe Volatility Index (VIX - 32.02) added 0.08 point, or 0.3% for the session, and 2.2% for the week.

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5 Things to Know Today

  1. Crypto billionaire Sam Bankman-Fried said he regrets a comment indicating he would spend about $1 billion on political races, calling it a "dumb quote." (CNBC)
  2. Amazon.com (AMZN) slumped after BofA Securities said its Prime Early Access event likely brought less in sales than its Prime Day event in July. (MarketWatch)
  3. Options traders blasted Kroger and Albertson on merger news.
  4. Revenue forecast and job cuts weighed on Beyond Meat stock. 
  5. Is this struggling retail stock a good enough recovery play?

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Oil, Gold Prices Log Weekly Losses

Oil prices settled lower on Friday to record a steep 8% weekly drop. The general consensus among analysts that a recession is coming in 2023 is hurting the demand outlook for black gold. In turn, November-dated crude shed $3.50, or 3.9%, to close at $85.61 per barrel on the day.

Gold prices were lower as well, marking their worst close so far in October, as well as a 3.5% loss for the week. Red-hot inflation data made more aggressive interest rate hikes more likely, weighing on the yellow metal. December-dated gold shed $28.10, or 1.7%, to close at $1,648.90 an ounce for the day.

 

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