Markets Settle Lower After VIX Snags Multi-Month Peak

Oil managed a win while gold suffered its third loss

Managing Editor
Aug 3, 2023 at 4:26 PM
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The major indexes struggled to find direction today, ultimately ending the session lower. The blue-chip index managed some modest midday gains, but eventually settled off 66 points. The S&P 500 and tech-heavy Nasdaq moved red as well, while the Cboe Volatility Index (VIX) finished flat, after earlier hitting its highest mark since late-May. Driving markets has been the rising 10-year treasury yield, which held tight to its November peak. 

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

  • 2 bull signals flashing for lending stock.
  • Why you should keep an eye on AI right now.
  • Plus, vaccine powerhouse surges; Q2 beat lifts pharma giant; and what to expect next week.

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NYSE Nasdaq 0823

5 Things to Know Today

  1. AstraZeneca (AZN) and Sanofi's (SNY) infant RSV vaccine just got the greenlight from CDC advisors, making fall availability within grasp. (CNBC)
  2. Brad Smith, a top Microsoft (MSFT) executive, has sold $17 million in stock of the tech mogul, per a Securities and Exchange Commission (SEC) filing. (MarketWatch)
  3. Vaccine sales outlook sends pharma stock higher.
  4. Second-quarter beat lifts Regeneron stock.
  5. Economic data on the docket for the volatile week ahead.

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Gold Logs 3-Straight Losses

A production cut extension in Saudi Arabia sent crude prices higher this afternoon. September-dated crude added $2.06, or 2.6%, to settle at $81.55 per barrel.

Gold extended its losing streak to three as bond yields and yesterday's broader-market slip weighed. December-dated gold shed $6.20, or 0.3%, to settle at $1,968.80 an ounce.

 

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