The VIX closed at its lowest level since January 2022
The Big Tech surge for stocks was short-lived, with all major indexes logging either a modest or steep daily loss. Traders brushed off several upbeat earnings, including from J.P. Morgan Chase (JPM) and Citigroup (C). The Cboe Volatility Index (VIX) not only tacked on another loss, but also marked its lowest close since January 2022. For the week, the VIX logged a fourth consecutive drop, but the benchmarks all managed healthy wins, with the Dow making it a fourth-straight.
Continue reading for more on today's market, including:
- The driving forces behind this tumultuous trading week.
- This retail stock was eyeing its highest close in 3 weeks.
- Plus, Tax Day and options; what to expect out of QQQ; and options bull swarm bank stock.
Things to Know Today
- Walmart (WMT) Chief Merchandising Officer Charles Redfield is leaving his post in May, as the retailer continues to struggle with a rough sales environment. (CNBC)
- Tesla (TSLA) CEO Elon Musk is looking to move in on artificial intelligence (AI) with a research team set to build a rival for Microsoft's (MSFT) Chat GPT-4. (MarketWatch)
- How Tax Day challenges options trading.
- What to expect out of March's Cinderella, QQQ?
- Options bulls blasted this bank stock after earnings.
Oil Nabs 4-Straight Weekly Wins
Crude scored a fourth-straight weekly gain, after inflation data and Fed buzz highlighted the past five days. For the session, May-dated crude rose 36 cents, or 0.4%, to close at $82.52 per barrel. On the week, the commodity added 2.3%.
Despite yesterday marking its second-highest close, gold fell for Friday's session. June-dated gold slipped $39.50 or 1.9%, to settle at $2,015.80 an ounce for the day and 0.5% for the week.