Dow, SPX Secure Weekly Wins Despite VIX Pop

Commodity prices surged as tensions in the Middle East escalated

Deputy Editor
Oct 13, 2023 at 4:25 PM
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Stocks closed Friday mostly lower, burdened by rising oil prices and inflation expectations. The Dow secured its fifth in six sessions and the S&P 500 logged a significant loss, though both indexes finished the week higher. The Nasdaq shed triple digits Friday, ultimately closing the week modestly lower, while the Cboe Volatility Index (VIX) recorded its largest single-session pop since March 9. 

  • This ETF can tell us a lot about the bond yield market.
  • How did stocks handle this week's inflation buzz?
  • Plus, JPM earnings; another NFLX bear note; and no T-Swift tailwinds for AMC.

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5 Things to Know Today

  1. The Biden administration and Secretary of U.S. Department of Energy Jennifer Granholm are ready to reveal seven regional "hydrogen hubs" that could receive a collective $7 billion in federal funding. (CNBC)
  2. A global shortage of Uranium has sent prices of the chemical to their highest level since February 2011. (MarketWatch)
  3. Big bank bests earnings expectations.
  4. Another analyst steps to the Netflix stock sidelines.
  5. AMC and T-Swift: a love story for options bulls.

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Safe-Haven Asset Reclaims $1,900

Oil futures surged nearly 6% this week amid concerns that Israel is prepared to launch a ground invasion of Gaza, fears that were heightened after the Israeli government ordered the evacuation of over a million people from the strip. Today, crude for November delivery gained $4.78, or 5.8%, to settle at $87.69 per barrel.

Gold futures broke higher amid the rising geopolitical tensions as well, with bullion moving back above the key $1,900 level. For the session, December-dated gold added $58.50, or 3.1%, to settle at $1,941.50 an ounce, and jumped 5.2% this week. 

 

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