Oil Logs Highest Close This Year; Fed Warns of Recession

Economists anticipate GDP to grow just 0.4% in 2023

Managing Editor
Apr 12, 2023 at 4:27 PM
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All three indexes moved between both sides of the aisle Wednesday, following this morning's lighter-than-expected March inflation report, but ultimately ended the day in the red. The Dow snapped a four-day win streak, while the S&P 500 and Nasdaq settled lower -- the latter marking its third-straight drop.

All eyes were on the Federal Open Market Committee (FOMC) meeting minutes, which suggested that while the economy is now "sound," the recent banking crisis is likely to push the U.S. into a recession later in the year. Officials also expect gross domestic product (GDP) for 2023 to grow just 0.4%.

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

Closing Indexes Summary April 12

NYSE and Nasdaq Stats April 12

 Things to Know Today 

  1. Democrats in the U.S. House Committee on Energy and Commerce have asked to hold an immediate hearing regarding Texas Judge Matthew Kacsmaryk's suspension of the Food and Drug Administration's (FDA) approval of abortion pill mifepristone. The members said Kacsmaryk's decision will have “harmful reverberations.” (CNBC)
  2. The Treasury Department reported that the U.S. budget deficit hit $432 billion more than its 2022 shortfall in the fiscal first-half of this year, coming in at a reading of $1.1 trillion. (MarketWatch)
  3. Which shopping stock gapped higher after an impressive bull note.
  4. Billion-dollar takeover sends Triton stock surging. 
  5. Analyst: huge upside ahead for software stock.

There were no earnings of note today.

Unusual Options Activity April 12

Oil Logs Highest 2023 Close 

Oil closed higher following this morning's lighter-than-expected inflation reading and the refill possibility at the U.S. Strategic Petroleum Reserve. For the session, May-dated crude added $1.73, or 2.1%, to close at $83.26 per barrel -- its highest close since November 16.

Slowing inflation sent gold futures higher today. June-dated gold gained $5.90 or 0.3%, to settle at $2,024.90 an ounce.

 

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