Dow Sheds 614 Points, Nasdaq Snaps Win Streak

The VIX edged back above 20 amid today's pessimism

Digital Content Manager
Jan 18, 2023 at 4:28 PM
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The Dow shed 614 points on Wednesday, marking its worst single-day percentage drop in over a month. The S&P 500 and Nasdaq also settled lower, with the latter snapping a seven-day win streak as traders brushed off a producer price index (PPI) for December that hinted at easing inflation. A holiday sales miss, profit taking, and tech layoffs also contributed to today's pessimism. As a result, the Cboe Volatility Index (VIX) edged higher to settle back above 20.

Continue reading for more on today's market, including:

  • Airline stock hit a fresh high on upbeat forecast.
  • 2 tech giants became the latest to announce layoffs.
  • Plus, what boosted MRNA; Party City goes bankrupt; and keep tabs on this software name.

Closing Index Summary January 182023

NYSE and Nasdaq Stats January 182023

5 Things to Know Today 

  1. Executives at the World Economic Forum expressed optimism about the economy, but warned the U.S could default on its debt for the first time in modern history. (CNBC)
  2. Spotify Technology (SPOT) is urging the European Commission to take “swift and decisive action” against Apple (AAPL) due to the latter's anticompetitive practices. (MarketWatch
  3. Upbeat vaccine trial data boosted Moderna stock.
  4. Shorts piled on Party City stock after bankruptcy filing.
  5. How Okta stock could soon run down overhead levels

Earnings January 182023

Unusual Options Activity January 182023

Fed Comments Weigh on Oil, Gold Prices

Oil prices pivoted lower on Wednesday, settling back below the $80 region after earlier surging to their highest level since December. Comments from St. Louis Fed President James Bullard, who indicated the Federal Reserve needs to quickly hike interest rates above 5%, weighed. February-dated crude dropped 70 cents, or 0.9%, to settle at $79.48 per barrel.

Gold prices had a volatile session as well, marking another eight-month high before finishing in the red. Bullard's remarked weighed on the yellow metal as well, as investors worried about how higher interest rates might impact the economy. February-dated gold shed $2.90 or 0.2%, to settle at $1,907 per ounce.


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