Nasdaq Snaps Longest Weekly Win Streak Since 2019

Gold eked out a daily win but suffered a weekly loss

Managing Editor
Jun 23, 2023 at 4:27 PM
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Wall Street resumed its grim performance despite the S&P 500 and Nasdaq's brief reprieve yesterday. The Dow suffered its fifth consecutive daily drop, while all three indexes logged steep weekly losses. The Nasdaq snapped its eight-week win streak, which was its longest weekly win streak since March 2019, while the S&P let go of five weeks of gains.

Renewed recession fears and a continued lift in inflation levels jilted investor sentiment today, with most eyes focused on tech and artificial intelligence (AI) stocks. The Cboe Volatility Index (VIX) managed to eke out a daily win, though it still logged its fourth-straight weekly loss.

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

  • Biotech stocks ripe for a short squeeze.
  • Breaking down Wall Street's lackluster trading week.
  • Plus, Cincy earnings roundup part 2; retailer riding on peer's bankruptcy; and analyst slams UAA.

new closing summary june23

new nyse nasdaq june23

5 Things to Know Today

  1. “[S]ubstantial increase in failure rates of wind turbine components” has sent Siemens Energy shares lower in Germany, after the news caused the company to trash its latest profit outlook. (CNBC)
  2. The Food and Drug Administration (FDA) has recalled several types of frozen fruit, due to possible exposure to Listeria monocytogenes, a serious bacteria that can be fatal to at-risk populations. (MarketWatch)
  3. Latest earnings roundup of Cincinnati-based stocks.
  4. Retail giant winning on Bed Bath & Beyond's bankruptcy.
  5. Activewear name suffered steep losses after downgrade.


UVOL June23

Gold Logs Worst Week Since October

Oil continued its string of daily losses as commodity investors worried of a slowing economic outlook. August-dated crude shed $1.07, or 1.5%, to close at $68.44 per barrel on the day, and off 4.8% for the week.

After falling to multi-month lows and logging three consecutive losses, gold futures managed to snag a win for Friday's session as interest rate buzz settled slightly. August-dated gold added $5.90, or 0.3%, to close at $1,929.60 an ounce. For the week, gold fell 2.1%, its biggest drop since October.


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