Crude supplies saw their first weekly drop in over two months
Investors continued to brood over the prospect of higher interest rates on Wednesday. The Dow lost 58 points but pared a triple-digit deficit, while the S&P 500 and tech-heavy Nasdaq managed to close in positive territory despite spending most of the afternoon in the red. As Federal Reserve Chair Jerome Powell's two-day testimony wrapped up, a hotter-than-expected private payrolls report for February pointed to a strong economy.
Continue reading for more on today's market, including:
- Dismal quarter weighs on Stitch Fix stock.
- What caused the Weight Watchers stock pullback?
- Plus, retailer gearing up for earnings; Buffett builds OXY stake; and why this analyst loves Nordstrom stock.
5 Things to Know Today
- President Joe Biden called for higher net investment income taxes for Americans earning more $400,000 to extend Medicare funding as part of his 2024 budget. (CNBC)
- The National Highway Traffic Safety Administration (NHTSA) is investigating Tesla (Tesla) after receiving two complains of detached steering wheels. (MarketWatch)
- Options traders chimed in on this retail stock pre-earnings.
- Berkshire Hathaway added to Occidental Petroleum stake.
- Analyst praised Nordstrom stock for newfound healthy upside.
Lower U.S. Crude Supplies Fail to Boost Oil Prices
Oil prices fell again on Wednesday, as investors brushed off the first weekly drop in U.S. crude supplies in 11 weeks, per the Energy Information Administration (EIA). Weighing on black gold was Fed Chair Powell's hawkish stance. April-dated crude dropped 92 cents, or 1.2%, to close at $76.66 per barrel.
The possibility of higher interest rates also impacted gold prices, which settled lower as the greenback continued to gain strength. April-dated gold lost $1.40, or about 0.1%, to close at $1,818.60 per ounce.