Grim Jobs Outlook Scatters Stocks

Oil is moving lower after a multi-day surge

Managing Editor
Apr 5, 2023 at 4:27 PM
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Stocks closed mixed for Wednesday's session, the Dow the only one to recover from early morning losses, marking an 80-point win. The grim mood on Wall Street came just after the ADP employment report said private payrolls rose by 145,000 in March, significantly lower than expectations.

A more realistic taste of the disappointing job market did little to defer oil from correcting -- the commodity shifting lower after its four day Organization of the Petroleum Exporting Countries & Allies (OPEC+) surge. Investors look ahead to tomorrow, which will be the last trading day of the week due to the Good Friday holiday.

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

  • Bulls blast tech giant on partnership buzz.
  • Behind the FedEx stock pop.
  • Plus, an SPX retracement level to watch; when to buy AI; and the latest analyst praise for energy stocks.

Closing Indexes Summary April 5

NYSE and Nasdaq Stats April 5

5 Things to Know Today 

  1. The Environmental Protection Agency (EPA) has proposed a tighter grip on emissions that contain mercury and pollution from coal-fired plants. This would be the first regulation of its kind in almost a decade. (MarketWatch)
  2. Three college operators are requesting the block of a student loan legal settlement that would erase $6 billion for borrowers, should the U.S. Supreme Court approve. The students claim to have been mislead in job prospects by the institutions. (Bloomberg)
  3. Schaeffer's Senior Quantitative Analyst Rocky White names the SPX retracement level to watch now.
  4. Why you should buy the dip on AI.
  5. Analyst sang its praises for Clean Energy stock.

There were no earnings of note today.

Unusual Options Activity April 5

Gold, Oil Shift Lower After String of Wins

Oil futures pulled back today, after securing four-straight days of wins. For the session, May-dated crude slipped 10 cents, or 0.1%, to close at $80.61 per barrel.

Gold settled lower despite its intraday surge to 13-month highs -- well above the $2,000 mark -- thanks to a weakening U.S. dollar. June-dated gold dropped $2.60 or 0.1%, to settle at $2,035.60.

 

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