Today's jobs report was a counterweight to earlier signs of a strong labor market
Stocks finished higher Wednesday after a soft jobs report restored Wall Street sentiment about a hawkish Fed. The Dow was on track to close below 33,000 for the first time since May, but rallied in the final hour to snap a three-day losing streak with a triple-digit win.
Treasury yields pulled back from their 16-year highs, helping the Nasdaq to its best single-session gain since Aug. 29, while the S&P 500 moved higher as well. The Cboe Volatility Index (VIX), meanwhile, snapped a three-day winning run.
- Why now might be the time to buy calls on this Big Tech stock.
- Blue-chip giant revealed spinoff plans.
- Plus, AAPL's bear note; Tesla options; and unboxing Cal-Maine Foods' earnings.
5 Things to Know Today
- The U.S. housing market is heading for a psychological milestone, with mortgage rates moving dangerously close to levels not seen in more than 20 years. (MarketWatch)
- Google today showed off its new Pixel 8 and Pixel 8 Pro phones, marking the company's latest attempt to snag a sliver of Apple's market share. (CNBC)
- Analyst thinks this Big Tech firm's sales will struggle.
- Tesla stock and a lesson in options strategies.
- Lower egg prices? It can't be.
Oil Futures Mark Lowest Close Since August
Oil futures took a dive today, marking the lowest front-month settlement since Aug. 31. This quarter could see "crude demand destruction" per Edward Moya, senior market analyst at OANDA, lending credence to investors' fears regarding the current state of the oil market. Crude for November delivery lost $5.01, or 5.6%, to settle at $84.22 per barrel.
Gold futures, meanwhile, finished at their lowest level since March. A stronger U.S. dollar and losses on shares of precious metal miners dented bullion, with December-dated gold shedding $6.70, or 0.4%, to close at $1,834.80 an ounce on the day.