Today's inflation reading was hotter-than-expected
Another red-hot inflation report pressured Wall Street lower Thursday, with the Dow's dip accelerating in the final hour of trading to close more than 430 points lower -- its worst daily drop in nearly one month. The S&P 500 and Nasdaq also finished in the red, after jobs data fell unexpectedly, spurring worries about the Federal Reserve's future interest rate moves.
Continue reading for more on today's market, including:
- Can Hershey stock hit a new record high?
- Analysts looked toward these 3 stocks today.
- Plus, Virgin Galactic's test flight; Shopfiy's revenue forecast; and Paramount Global's earnings whiff.
5 Things to Know Today
- The three unmanned aerial objects that were shot down by the U.S. military were "most likely tied to private companies, recreation or research institutions," said U.S. President Joe Biden. (CNBC)
- Tesla (TSLA) is voluntarily recalling more than 360,000 vehicles, after saying its experimental self-driving software may cause crashes. (MarketWatch)
- How options traders reacted to Virgin Galactic's test flight.
- Shopify's disappointing revenue forecast dragged the shares.
- Paramount Global's quarterly miss weighed.
Oil Falls for Third-Straight Session
Oil futures closed lower for a third-straight session Thursday, as inventories in the U.S. continue to tick higher. Specifically, March-dated crude shed 10 cents, or 0.1%, to finish at $78.49 a barrel.
April-dated gold added $6.50, or 0.5%, to settle at $1,851.80 per ounce for the session, thanks to the greenback.