Wall Street Wins Week as "Fear Gauge" Crumbles

Wall Street's "fear gauge" logged its second-straight weekly loss

Deputy Editor
Jun 9, 2023 at 4:26 PM
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The S&P 500 settled just below the 4,300 level today, closing at its highest mark and logging its longest weekly win streak since August 2022. The Dow marked a modest gain for the day and week, while the tech-heavy Nasdaq logged a seventh-straight weekly win -- its longest such streak since November 2019. Though the Cboe Volatility Index (VIX) managed to earn back some of today's losses, it earlier touched its lowest intraday mark since January 2021 and ended the week with a deficit of 6%.

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

  • A quick retail sector roundup as the XRT pops.
  • Energy stocks to watch amid sector slump.
  • Plus, travel stocks to avoid; best from the semiconductor-sphere; and Cincinnati's slew of local earnings results. 

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5 Things to Know Today

  1. Former U.S. President Donald's Trump's mishandling of classified government documents has resulted in a 37-count criminal indictment. (CNBC)
  2. Volatility has been injected into the crypto space, after the U.S. Securities and Exchange Commission (SEC) filed two major lawsuits. (MarketWatch)
  3. Travel stocks to avoid for now.
  4. The best performing chip stocks.
  5. Earnings from the Queen City.

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Oil Slips on Day, Week

Crude futures turned in a roughly 2.2% weekly loss, following Saudi Arabia's decision to voluntary cut oil production in July. Black gold also fell for the session, weighed down by lackluster Chinese economic data. July-dated crude lost $1.12, or 1.6%, to close at $70.17 per barrel for the day.

Gold prices eked out a moderate weekly win, gaining 0.4% ahead of the Federal Reserve's policy meeting. For the session, however, August-dated gold lost $1.40, or roughly 0.1%, to close at $1,977.20 an ounce.

 

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