Fed Chair Jerome Powell is slated to speak tomorrow
Still gripping onto steep weekly deficits, stocks ended a volatile session mostly lower, despite the current reprieve from Covid-related unrest in China. Approximately 65% of residents above 80 have reportedly received booster shots, while cases in the region fell for the first time in over one week. Also in focus is Federal Reserve Chairman Jerome Powell's speech tomorrow at the Hutchins Center on Fiscal and Monetary Policy at Brookings.
Continue reading for more on today's market, including:
- Bulls bombard outperforming wrestling giant.
- Several support layers in place for banking stock.
- Plus, be wary of this jewelry name; falling chemical stock; and an EV company partnering up.
The Dow Jones Industrial Average (DJI - 33,852.53) eked out 3 points, or 0.01% for the day. American Express (AXP) paced the gainers with a 2.4% win. Apple (AAPL) led the laggards with a 2.1% loss.
The S&P 500 Index (SPX - 3,963.94) fell 6.3 points, or 0.2% for the day, while the Nasdaq Composite Index (IXIC - 10,983.78) lost 65.7 points, or 0.6%.
Lastly, the Cboe Volatility Index (VIX - 21.89) shed 0.3 point, or 1.4% for the session.
5 Things to Know Today
- Within months of securing the role, AMC Networks CEO Christina Spade has resigned. The streaming name also warned employees of layoffs in the coming days. (CNBC)
- Virtual meeting platform Zoom Video Communications (ZM) marked a nine-day losing streak -- its longest consecutive loss in 18 months. (MarketWatch)
- Why bears should watch this jewelry stock.
- Cooling demand dented popular chemical name.
- EV concern inks self-driving tech partnership.
There were no earnings of note today.
Oil, Gold Manage Daily Wins
Rumors of incoming supply cuts and pressure to reopen China's economy sent crude higher for the day. The front-month, January-dated crude added 96 cents, or 1.2%, to trade at $78.20 per barrel.
A steadying greenback sent gold prices higher today to regain some of yesterday's lost ground. The now most-active, February-dated gold tacked on $8.40 or roughly 0.5%, to settle at $1,763.70 an ounce.