Dow Extends Losing Streak, Marks Another Weekly Drop

The S&P 500 also saw a second-straight week in the red

Digital Content Manager
May 12, 2023 at 4:29 PM
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Stocks settled lower Friday, as investors unpacked a higher-than-expected jump in import prices and a six-month low for the University of Michigan’s consumer sentiment index. A sharp rise in five-year inflation expectations and the embattled banking sector also weighed on sentiment, though the major indexes settled far off their session lows.

The Dow shed 8 points and logged a fifth-straight loss, making this its longest losing streak since March. The S&P 500 joined the blue-chip index for a second consecutive week in the red, after marking a daily dip of its own. The Nasdaq settled lower on the day as well, but managed to eke out a win for the week. 

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

  • Acquisition pushed First Solar stock to a record high.
  • Retail giants set to take over earnings confessional. 
  • Plus, the latest from Elon Musk; Fox stock draws bear note; and this week's top headlines.

Closing Index Summary May 122023

NYSE and Nasdaq Stats May 122023

 Things to Know Today 

  1. A new Pew Research study found that, without any changes, the retirement savings gap may create a $3.1 trillion economic burden through 2040. (CNBC)
  2. Truist Securities initiated coverage on SoFi Technologies (SOFI) with a "buy" rating, noting that it could benefit from a "powerful demographic shift." (MarketWatch)
  3. Call traders praised Elon Musk's shift back to Tesla.
  4. Analyst cited multiple headwinds in Fox stock bear note.
  5. Inflation data and regional banks were in focus this week.

There were no notable earnings reports today.

Unusual Options Activity May 122023

Gold, Oil Prices Register Weekly Losses

Oil prices settled lower on Friday, and marked a nearly 2% weekly loss. Recession fears, jobless claims, overseas troubles, and U.S. crude inventories all contributed to black gold's dismal performance. For the session, June-dated crude shed 83 cents, or 1.2%, to close at $70.04 per barrel.

Gold prices finished modestly lower for the week, shedding 0.3% as the U.S. dollar continued to gather strength and investors looked away from the safe-haven commodity. On the day, June-dated gold lost 70 cents, or less than 0.1%, to close at $2,019.80 an ounce.

 

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