Small-Caps, Dow Rally as VIX Touches 3-Year Lows

Small caps are having quite the month

Deputy Editor
Jun 7, 2023 at 4:28 PM
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Stocks closed out today's session all over the place. The big winner once more was the small cap Russell 2000 (RUT), which logged its fourth win in five sessions and is up almost 8% this month. The Dow has now also won four of its last five thanks to 91-point pop, while the S&P 500 remains near August 2022 highs but finished marginally lower today.

The Nasdaq also sat out today's gains, logging its worst single-session drop since April 25. Elsewhere, the Cboe Volatility Index (VIX) continued to fall, logging its lowest close since Feb. 14, 2020.

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

  • Casino stock stands among worst to own in June.
  • Why you should be targeting Tesla stock.
  • Plus, Wall Street eyes the Fed; retail stock gaps higher; and a falling biotech stock. 

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5 Things to Know Today

  1. Higher-than-usual interest rates and retail prices weighed on used vehicle sales, sending prices to their lowest level of 2023 this month. (CNBC)
  2. An estimated $1 trillion of Treasury issuance will start circulating this week, a part of the debt-ceiling resolution. (MarketWatch)
  3. Besides a Fed meeting, what else lies ahead for Wall Street?
  4. Stitch Fix stock pops on revenue win.
  5. Biotech stock dips after late-stage study.

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Oil Prices Move Into Positive Territory for Week

Following data that the US. experienced a weekly decline in domestic crude supplies, oil prices turned higher for the week. For the session, July-dated crude tacked on 79 cents, or 1.1%, to close at $72.53 per barrel on the day.

Gold prices closed at their lowest level since May 30, as investors pondered future Federal Reserve interest rate moves. August-dated gold shed $23.10, or 1.2%, to close at $1,958.40 an ounce for the day.

 

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