Stocks Stay Hot as "Fear Gauge" Deflates

The S&P 500 and Nasdaq logged their highest close since April 2022

Patrick Martin

Managing Editor

Jul 12, 2023 at 4:28 PM

The Dow scored its third-straight gain today, although inflation tailwinds wore off as the closing bell sounded. The blue-chip index was up over 325 points at its session highs, but still finished with solid gains to extend its hot streak. The S&P 500 and Nasdaq locked up three-day win streaks of their own, both closing at their highest level since April 2022. With investors reassessing the Fed's interest rate policy, the Cboe Volatility Index (VIX) logged its worst single-session drop since June 1.

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

What does Amazon Prime Day mean for the stock?
2 China-based tech stocks enjoyed outsized gains.
Plus, EV stock dinged; a 2023 sector analysis; and more upside for NFLX.

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NYSE Nasdaq 0712

5 Things to Know Today

The Fed's Beige Book underscores the cooling inflation data today. (MarketWatch)
Ukraine has NATO's support, even if the timetable is murky. (Reuters)
Why this EV stock sat out of today's rally.
Should you buy the dip on these underperforming sectors?
Another analyst buys the Netflix stock revival.

There are no notable earnings reports today.

Commodities Enjoy CPI Tailwinds

Oil prices scored back-to-back gains today as the Organization of the Petroleum Exporting Countries and their allies' (OPEC+) supply cuts offset a weekly gain in U.S. commercial crude inventories. August-dated oil tacked on 92 cents, or 1.2%, to settle at $75.75 per barrel.

Gold prices stayed hot as well, buoyed by the prospect of a less-hawkish Fed. August-dated gold added $24.60 or 1.3%, to close at $1,961.70 an ounce.

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