Red-Hot Friday Leads Stocks to Healthy Weekly Wins

The Nasdaq logged its highest close in over a year

Managing Editor
Jun 2, 2023 at 4:33 PM
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With the debt ceiling drama done and dusted, the broader market enjoyed a day of outsized gains. Upbeat jobs data also lifted investor sentiment, pushing all three indexes to big weekly wins. The Dow logged a staggering 701-point jump today, its best single-session gain since November 2022, while the S&P 500 and Nasdaq clocked their highest closes since August 2022 and April 2022, respectively. Making big moves of its own has been the market's "fear gauge," or Cboe Volatility Index (VIX), which logged its lowest close since February 2020.

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

  • Traders land quintupled profit on semiconductor stock.
  • What send this chemical stock surging.
  • Plus, TTD stays hot; a break for investors; and more debt ceiling talk.

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5 Things to Know Today

  1. More workers strikes have hit the west coast, this time closing ports, as employees remained unsatisfied with wage negotiations. (CNBC)
  2. Amazon.com's (AMZN) Prime may be adding phone plans to it member perks, as the company has been reportedly in talks with several wireless carriers. (Bloomberg)
  3. Few stocks are as hot as Trade Desk stock.
  4. Never fear, options traders: stability is on the way.
  5. Debt ceiling bill guided stocks to weekly wins.

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Crude Jumps Ahead of OPEC+ Meeting

Oil enjoyed another daily gain, as investors await this weekend's Organization of the Petroleum Exporting Countries and its allies (OPEC+) meeting. West Texas Intermediate (WTI) July-dated crude added $1.64, or 2.3%, to close at $71.74 per barrel on the day, but fell 1.3% for the week.

Today's employment data sent gold futures into a steep daily loss. August-dated gold shed $25.90, or 1.3%, to close at $1,969.60 an ounce for the day, and up 1.3% for the week.

 

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