Investors boosted the Nasdaq after buying up battered tech stocks
Some of Wall Street snapped its three-day losing streak, with the Nasdaq adding 128 points as investors circled back to tech stocks. Meanwhile, the Dow ticked off its fourth consecutive loss and the S&P 500 turned in a modest gain, after Federal Reserve Chairman Jerome Powell reiterated his stance that more interest rate hikes will be needed to curb inflation. Elsewhere, the Cboe Volatility Index (VIX) turned in its third-straight loss.
Continue reading for more on today's market, including:
- Economic data and earnings on tap before June's close.
- Analysts shared thoughts on these 3 stocks.
- Plus, restaurant operator's earnings; behind Root stock's surge; and Bed Bath & Beyond's asset sale.
5 Things to Know Today
- Amazon.com's (AMZN) cloud unit, Amazon Web Services (AWS), is allocating $100 million for a generative artificial intelligence (AI) center. (CNBC)
- "This will decide" the fate of Microsoft's (MSFT) bid to buy Activision Blizzard (ATVI), the former told a U.S. district judge during today's hearing. (MarketWatch)
- Unpacking this restaurant giant's earnings.
- What made Root stock pop.
- Behind the winning bid on some of Bed Bath & Beyond's assets.
Gold Prices Hit Multi-Month Low on Hawkish Activity
Crude futures fell Thursday, as U.S. inventories fell more than expected last week, per data from the Energy Information Administration (EIA). The now most active, August-dated crude, shed $3.02, or 4.2%, to close at $69.51 per barrel on the day.
Gold prices slid to level not seen since mid-March amid a wave of Hawkish central bank moves, especially an unexpected 50-basis-point hike form the Bank of England (BoE) August-dated gold lost $20, or 1.1%, to close at $1,925 an ounce.