Investors are counting on even more rate hikes into the year
While today's upbeat private payrolls report might have been good news for some, Wall Street is viewing it as a sign that aggressive rate hikes from the Federal Reserve are far from over. The Dow wound up shedding over 300 points, while the S&P 500 and Nasdaq also suffered steep losses. Meanwhile, the Cboe Volatility Index (VIX) -- Wall Street's "fear gauge" -- is back on the rise after plummeting during yesterday's session.
Continue reading for more on today's market, including:
- 3 stocks making big waves today.
- Checking in with the crypto sector.
- Plus, WDC's merger update; put traders target WBA; and a surging biotech to watch.
5 Things to Know Today
- Delta (DAL) announced it will start offering free Wi-Fi to customers, starting Feb. 1. (CNBC)
- Federal regulators are pushing to ban companies from making their employees sign noncompete clauses. (MarketWatch)
- Merger buzz gave Western Digital stocks a boost.
- How options players responded to Walgreen's quarterly report.
- The surging biotech stock to keep an eye on.
Gold Takes a Breather After 4-Day Win Streak
Oil rose after the Energy Information Act (EIA) shared a smaller-than-expected jump in weekly U.S. crude supplies. West Texas Intermediate (WTI) crude for the now most active, February delivery, added 83 cents, or 1.1%, to settle at $73.67 per barrel.
Gold cooled today amid profit taking on the precious metal's four-day win streak. February-dated gold shed $18.40, or 1%, to settle at $1,840.60 per ounce.