The Dow reversed gains despite an easing inflation outlook
Despite a valiant attempt to extend Friday's bounce, the Dow slipped below breakeven this afternoon to log a 112-point drop. The S&P 500 inched into the red by the end of the day as well, while the Nasdaq managed to finish with gains, though it was far off its session highs. While the easing one-year inflation outlook injected optimism into the markets and encouraged investors to buy up battered tech stocks, consumer credit data for November showed individuals borrowed more than economists anticipated.
Continue reading for more on today's market, including:
- Options bulls targeted this airline stock today.
- Margin warning put pressure on Lululemon stock.
- Plus, Big Tech name seeing increased put volume; UBER upgraded; and pharma stock dips amid job cuts.
5 Things to Know Today
- Walt Disney (DIS) CEO Bob Iger, who returned to the company two months ago, has told employees to come back to corporate offices four times a week. (CNBC)
- The Chinese military held large-scale military exercises aimed at Taiwan, amid a visit from German lawmakers to meet with President Tsai Ing-wen. (MarketWatch)
- Puts have been running red-hot for this Big Tech staple.
- Uber Technologies stock upgraded due to high car prices.
- Emergent BioSolutions will lay off 5% of its workforce.
Oil Scores 3 Straight, Gold Settles at Multi-Month Highs
Oil prices settled firmly higher for a third consecutive session on Monday, as the prospects of consumer demand in China improve as the country eases Covid-19 restrictions. February-dated crude added 86 cents, or 1.2%, to settle at $74.63 per barrel.
Gold prices also finished higher, scoring their best settlement since May as last week's U.S. jobs reports continued to generate tailwinds. February-dated gold added $8.10, or 0.4%, to settle at $1,877.80 per ounce.