The Dow had its first positive week this month
Halted U.S debt ceiling talks between the White House and Republicans pushed stocks into red territory this afternoon, but comments from Federal Reserve Chairman Jerome Powell indicating a smaller-than-expected interest rate hike may be possible kept pessimism in check.
While the Dow shed 109 points on the day, it still marked its first positive week this month. The S&P 500 and Nasdaq also saw daily losses, but the latter marked its fourth consecutive weekly win, with both indexes also logging their best percentage gains on the week since March.
Continue reading for more on today's market, including:
- Why investors shouldn't sleep on the Nasdaq-100.
- Farfetch stock pops on smaller-than-expected losses.
- Plus, digging into implied volatility crushes; Bloom Energy stock upgraded; and bulls love this semiconductor name.
Things to Know Today
- The Internal Revenue Service (IRS) plans to raise the annual contribution limit for health savings accounts in 2024 due to high inflation.(CNBC)
- Morgan Stanley (MS) stock tumbled after CEO James Gorman said he would be leaving the bank within the next 12 months. (MarketWatch)
- How investors can profit from implied volatility crushes.
- Analyst called Bloom Energy stock's pullback "overdone."
- Which chip stock brushed off several post-earnings bull notes.
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Weekly Win for Oil, Loss for Gold
Oil prices settled lower on Friday as U.S. debt ceiling negotiations faced roadblocks, denting energy demand optimism, but still saw a 2.2% weekly win -- their first positive week in five. June-dated crude shed 31 cents, or 0.4%, to close at $71.55 per barrel on the day.
Meanwhile, gold prices were higher today, but finished well below the $2,000 level after the yellow metal had its worst weekly loss since Feb. 3. June-dated gold rose $21.80, or 1.1%, to close at $1,981.60 an ounce on the day, but shed 1.9% this week.