Dow Logs Worst Day Since March as Investors Await Fed

Oil closed at a more than 5-week low

Managing Editor
May 2, 2023 at 4:28 PM
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The Dow spent Tuesday deep in the red, logging its worst daily pullback since late March. The tech-heavy Nasdaq also handed over a triple-digit loss, while the S&P 500 saw a modest drop. Struggling bank stocks once again captured investor energy, as did the highly anticipated Fed meeting, which will conclude tomorrow afternoon. Job openings data also created buzz, after levels dropped to their lowest in almost two years.

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

  • 2 video game giants to buy in May
  • History says avoid these stocks for the rest of the month.
  • Plus, ChatGPT ignites more fear; analyst slams the PC market; and oil stock flashing a bull signal.

Closing Indexes Summary May 2

NYSE and Nasdaq Stats May 2

 Things to Know Today 

  1. A report out of the Economic Policy Institute suggests the $24.6 billion merger between Kroger (KR) and Albertsons could leave workers with a drop in wages and less power. (MarketWatch)
  2. No fewer than 11,000 writers in Hollywood are on strike, fighting the comparative wage to what they bring in versus the revenue generated by their products. Several late-night talk shows are expected to cut production by the end of the week in response. (CNBC)
  3. Latest stock threatened by ChatGPT.
  4. Analyst slams PC market outlook.
  5. Bull signal flashing on dragging oil stock.

Corporate Earnings May 2

Unusual Options Activity May 2

Oil Logs Worst Session in 5 Weeks

Oil logged its lowest session in over five weeks, as recession fears and falling demand circled the commodity. June-dated crude dropped $4, or 5.3%, to close at $71.66 per barrel.

Haven support grew as bank sector fears reignited this week, sending gold futures to its highest settlement since mid-April. The June-dated commodity added $31.10 or 1.6%, to close at $2,023.30 an ounce.

 

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