The Dow was off 460 points at session lows
Stocks managed to trim their losses this afternoon, with the Dow swinging into positive territory in the last hour of trading. The blue-chip index added nine points, but was off 460 points at session lows, after quarterly results from Boeing (BA) and Microsoft (MSFT). The latter's dismal guidance weighed on the tech sector, with the Nasdaq and S&P 500 both settling just below breakeven. Investors are also eyeing reports from Tesla (TSLA) and IBM (IBM) after the bell.
Continue reading for more on today's market, including:
- This aerospace stock drew a slew of bull notes.
- Bear signal flashing for Southwest Airlines stock.
- Plus, unpacking MSFT's revenue miss; 2 solar stocks downgraded; and SHOP options running red-hot.
5 Things to Know Today
- The Port of New York and New Jersey surpassed the nine-million cargo container mark for the first time, extending its streak of moving more trade volume each year since 2017. (CNBC)
- President Joe Biden formally announced the U.S. will send Abrams tanks to aid Ukraine's fight against Russian invasion, but delivery will take time. (MarketWatch)
- Downbeat revenue forecast weighs on Microsoft stock.
- Barclays downgraded 2 solar stocks amid headwinds.
- Why options traders flocked to Shopify stock today.
Gold Prices Extend Win Streak
Oil prices inched higher, despite the Energy Information Administration (EIA) reporting a 500,000-barrel increase in U.S. crude inventories for the week. March-dated crude added 2 cents to settle at $80.15 per barrel.
Gold prices settled higher as well to notch their fifth-straight daily win. Expectations that the Federal Reserve will have to slow the pace of rate hikes continued to blow tailwinds. February-dated gold rose $7.20, or roughly 0.4%, to settle at $1,942.60 per ounce.