The VIX is on its worst losing streak since April
The Dow and S&P 500 both extended their win streaks to seven straight sessions on Tuesday, while the Nasdaq saw a triple-digit win and marked its eighth consecutive day in the black as tech stocks enjoyed a decline in Treasury yields. Both the S&P 500 and Nasdaq secured their longest winning runs since November 2021, too. Elsewhere, Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- is on its worst losing streak since April, after today registering its seventh daily loss in a row.
- More highs in store for Costco stock.
- Forecast hike lifts Planet Fitness stock.
- Plus, why traders love CELH; Uber's earnings miss; and how to protect your portfolio.
5 Things to Know Today
- The Federal Reserve Bank of New York reported credit card debt hit a new record of $1.08 trillion as consistently higher prices drained savings accounts. (CNBC)
- Office-sharing name WeWork (WE) filed for chapter 11 bankruptcy protection Monday and entered a restructuring agreement with lenders. (MarketWatch)
- Call traders flock to Celsius stock after revenue surge.
- Unpacking Uber Technologies' quarterly miss.
- Using portfolio protection with "fear gauge" puts.
Oil Moves Sharply Lower as Concerns Arise
Oil prices fell sharply on Tuesday to close at their lowest level since July, after dismal economic data out of China spurred fears of stagflation. December-dated West Texas Intermediate (WTI) crude dropped $3.45, or 4.3%, to close at $77.37 a barrel.
Gold prices moved lower as well and settled at their lowest level since Oct. 18, amid a bout of profit-taking. December-dated gold shed $15.10, or 0.7%, to close at $1,973.50 an ounce for the day.