Dow Pivots Lower as Volatility Spikes on Wall Street

The VIX today surged to levels not seen since October

Digital Content Manager
Mar 13, 2023 at 4:30 PM
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The Dow logged a fifth-straight loss today, erasing a triple-digit lead to settle 90 points lower. It was a choppy day on Wall Street, as the Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation joined forces to save the banking sector after failures at SVB Financial Group (SIVB) and Signature Bank (SBNY). The S&P 500 closed marginally lower for a third consecutive loss, while the tech-heavy Nasdaq stayed in the black as Treasury yields suffered a sharp decline.

Investors are hoping recent headlines will be enough to stop the central bank dead in its tracks when it comes to hiking interest rates aggressively, or at even all. The Cboe Volatility Index (VIX), Wall Street's fear gauge, logged its third-straight win and highest close since Oct. 27.

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

Indexes March 132023

 nysenasdaq March 132023

5 Things to Know Today 

  1. The 30-year fixed mortgage rate fell to 6.57% today, after the failures of both Silicon Valley Bank and Signature Bank weighed on the financial sector. (CNBC)
  2. Rivian Automotive (RIVN) and (AMZN) are reportedly discussing changing exclusivity terms on their electric delivery-vans deal. (MarketWatch
  3. Can Roku recoup the $487 million Silicon Valley Bank held?
  4. Why Petco stock was downgraded today.
  5. Billion-dollar Pfizer buyout sent this biotech stock surging.

There were no notable earnings reports today.

Unusual Options Activity March 132023

Gold Rises on the Back of Banking Sector's Instability

Oil prices settled lower on Monday, as concerns over the banking industry's health spilled into the energy sector. Investors are worried an economic slowdown could hurt demand. April-dated crude shed $1.88, or 2.5%, to close at $74.80 per barrel on the day.

Meanwhile, gold prices finished at their highest level in over one month as U.S. regulators scrambled to stop a financial crisis from forming. A weaker U.S. dollar and falling Treasury yields also sparked interest in the precious metal. April-dated gold added $49.30, or 2.6%, to close at $1,916.50 per ounce.



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