Dow Marks 4th-Straight Daily Loss; Central Bank Divided

The VIX extended its winning streak, however

Digital Content Manager
May 24, 2023 at 4:29 PM
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The Federal Reserve's May meeting minutes revealed the central bank is divided on whether or not to keep hiking interest rates. Officials appeared to lean more dovish than before, but agreed incoming indicators will need to be closely watched before they make a decision.

Meanwhile, House Speaker Kevin McCarthy noted spending caps are still a point of contention for U.S. debt ceiling negotiations. The Dow shed 255 points to log a fourth-straight session in the red, while the S&P 500 and tech-heavy Nasdaq settled lower as well. Elsewhere, the Cboe Volatility Index (VIX) marked its fourth consecutive daily win.

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

  • Costco stock on a losing streak ahead of earnings. 
  • Bulls used this affordable option to turn a big profit.
  • Plus, 2 retail stocks enjoying post-earnings tailwinds, and bull signal flashing for EA.

Closing Index Summary May 242023

NYSE and Nasdaq Stats May 242023

 Things to Know Today 

  1. Meta Platforms (META) initiated its third round of layoffs as part of its cost-cutting measures, with 10,000 business group workers expected to lose their jobs. (CNBC)
  2. Comcast (CMCSA) is launching a live TV streaming service for $20 a month, which includes a free subscription to NBCUniversal’s Peacock. (MarketWatch)
  3. Surprise quarterly profits pushed Kohl's stock higher.
  4. Bull notes galore for Urban Outfitters stock after earnings.
  5. Why Electronic Arts stock's pullback isn't cause for concern.

Earnings May 242023

Unusual Options Activity May 242023

Oil Pops on Biggest Weekly Inventory Drop of 2023

Oil prices were higher on Wednesday, after the Energy Information Administration (EIA) announced the biggest weekly drop in crude inventories so far this year -- 12.5 million barrels. In turn, July-dated crude added $1.43, or 2%, to close at $74.34 per barrel.

Meanwhile, gold prices marked their third-straight session in the red, as a stronger U.S. dollar erased earlier gains that stemmed from a U.S. debt ceiling gridlock. June-dated gold shed $9.90, or 0.5%, to close at $1,964.60 an ounce -- its lowest level in roughly one week.

 

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