All three major indexes finished the week with solid losses
Yesterday's bounce appears to have been short-lived, as this morning's hotter-than-expected producer price index (PPI) reading sent stocks lower once more. The Dow finished the day 305 points lower to secure its biggest weekly drop since September 30. The S&P 500 and Nasdaq had a more muted day of trading before ending firmly lower, both finishing with sizable weekly losses of their own. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), notched its best week since August.
Continue reading for more on today's market, including:
- The 25 best ETF's to own in December, historically.
- 2 retail stocks in focus today.
- Plus, checking in with CPRT; NFLX's bull notes; and COIN's overdue downgrade.
The Dow Jones Industrial Average (DJI - 33,476.46) lost 2.8% for the week, while the S&P 500 Index (SPX - 3,934.48) and Nasdaq Composite Index (IXIC - 11,004.62) posted weekly losses of 3.4% and 4%, respectively.
The Cboe Volatility Index (VIX - 22.83) added 19.9% for the week.
5 Things to Know Today
- The U.S. is sending additional aid to Ukraine amid its ongoing war with Russia, including high-tech systems that can be used to detect and counter drones as drone strikes increase. (MarketWatch)
- Senator Kyrsten Sinema is leaving the Democratic party to switch to independent. (The New York Times)
- Auto platform with cheap options.
- Two bull notes gave Netflix stock a boost.
- The 'crypto winter' is weighing on Coinbase stock.
Oil Prices Lose 11% for the Week
Oil prices fell for the sixth-straight day to finish at their lowest level since Dec. 20. West Texas Intermediate (WTI) crude for January delivery shed 44 cents, or 0.6%, to settle at $71.02 a barrel on the New York Mercantile Exchange for the day, bringing the weekly deficit to 11%.
Gold prices rose for the fourth day in the wake of today's inflation data, with February-dated gold adding $9.20, or 0.5%, to settle at $1,810.70 per ounce. For the week, the front-month contract rose 0.1%.