Stocks finished lower but pared their sharper gains today
The major indexes were able to recuperate some of their deeper losses on Thursday, finishing the day modestly in the red, with the Dow shedding 7 points, and the S&P 500 and Nasdaq both shedding roughly 0.3%. Sentiment on Wall Street was soured today by hawkish comments from St. Louis Federal Reserve President James Bullard. Bullard said in a speech that the Fed's current policy rate is "not yet in a zone that may be considered sufficiently restrictive." In response, bond yields are back in the rise, with the 10-year Treasury yield rising back to 3.773%.
Continue reading for more on today's market, including:
- What could weigh Spotify stock next month.
- Signal says this retail stock might bounce soon.
- Plus, Macy's post-earnings jump; cruise stock to avoid; and what to know about the "Red Cup rebellion."
The Dow Jones Industrial Average (DJI - 33,546.32) lost 7.5 points, or 0.02% for the day. Cisco Systems (CSCO) led the Dow with a 5% win, while Salesforce (CRM) paced the laggards with a 3.5% drop.
The S&P 500 Index (SPX - 3,946.56) lost 12.2 points, or 0.3% for the day, while the Nasdaq Composite Index (IXIC - 11,144.96) lost 38.7 points, or 0.4%.
Lastly, the Cboe Volatility Index (VIX - 23.93) shed 0.2 point, or 0.8% for the session.
5 Things to Know Today
- Jeff Bezos is warning Americans not to buy big-ticket items this holiday shopping season as inflation spikes and a recession looms. (MarketWatch)
- House Speaker Nancy Pelosi will step down from her congressional leadership role after two decades as a leading House Democrat. (CNBC)
- How options traders played Macy's beat-and-raise.
- Beware this cruise stock, says analyst.
- Is the "Red Cup rebellion" hurting Starbucks stock?
Oil, Gold Prices Inch Lower
Oil prices plummeted today, settling at their lowest close since late September as sentiment over inflation, Covid-19 cases in China, and a looming recession worsens. December-dated crude lost $3.95, or 4.6% to trade at $81.64 per barrel.
Gold prices also dropped lower after this morning's hawkish Fed comments strengthened the dollar. December-dated gold lost $12.80 or roughly 0.7%, to settle at $1,763 an ounce.