Bond yields continue to cool off as U.S. equities rise
Stocks scored a big win on Veteran's Day, rising into positive territory in the late afternoon. All three major indexes notched their fourth win in the last five sessions, locking up healthy weekly wins in the process, with the Nasdaq securing its best weekly percentage gain since March.
The 10-year Treasury yield continues to cool, last seen at 3.82%, while Bitcoin (BTC) continues to flounder amid cryptocurrency exchange turmoil. Wall Street's "fear gauge," the Cboe Volatility Index (VIX) tagged its fourth-straight weekly loss and lowest close since Aug. 24.
Continue reading for more on today's market, including:
- Senior Market Strategist Chris Prybal on stock trends he's watching right now.
- Analyst: This chip stock faces stiff competition.
- Plus, TOST winning the day; a rare WBA upgrade; and a historic week for stocks.
The Dow Jones Industrial Average (DJI - 33,747.86) added 32.5 points, or 0.1% for the day. Walgreens Boots Alliance (WBA) led the Dow with a 7.2% win, while UnitedHealth (UNH) paced the 12 laggards with a 4.1% drop. For the week, the Dow added 4.1%
The S&P 500 Index (SPX - 3,992.93) rose 36.5 points, or 0.9% for the day, while the Nasdaq Composite Index (IXIC - 11,323.33) climbed 209.2 points, or 1.9%. For the week, the SPX tacked on 5.9% and the Nasdaq gained 8.1%,.
Lastly, the Cboe Volatility Index (VIX - 22.48) shed 1 point, or 4.4% for the session, and lost 8.3% for the week.
5 Things to Know Today
- Advertiser activity in social media companies Snap (SNAP) and TikTok is ramping up in the wake of Elon Musk's attempts to "improve" Twitter. (MarketWatch)
- Keep an eye on Germany's gathering of raw materials, amid a burgeoning supply crisis and economic recession. (Bloomberg)
- Toast stock has had quite the week.
- What turned one analyst bullish on Walgreens stock.
- Unpacking a wild week on Wall Street.
Oil, Gold Prices Nab Comfy Weekly Wins
Oil prices finished higher today, thanks to a weaker U.S. dollar and encouraging Covid developments out of China. December-dated crude added $2.49cents, or 2.9% to trade at $88.96 per barrel. For the week though, black gold shed 3.9%.
Gold prices took their cues from a falling dollar. December-dated gold added $15.70, or 0.9%, to settle at $1,769.40 an ounce. For the week, the safe-haven asset added 5.5%.