The VIX snapped an eight-day losing streak
All good things must come to an end, including the stock market's recent rally. The S&P 500 and Nasdaq today snapped their best win streaks in about two years, which reached eight-straight positive sessions for the former, and nine for the latter. The Dow shed 220 points, meanwhile, after yesterday putting an end to its own string of wins.
Remarks from Federal Reserve Chairman Jerome Powell weighed on the market, after he demonstrated uncertainty over whether or not the central bank has done enough to contain inflation, with rising Treasury yields adding insult to injury. Elsewhere, the Cboe Volatility Index (VIX) snapped an eight-day skid -- its longest losing streak since 2015.
- Crypto stock reacts to Bitcoin's surge.
- Home Depot stock gears up for earnings.
- Plus, options bears won big with BBY; Twilio stock rally hits ceiling; and 3 media stocks on the move.
5 Things to Know Today
- McDonald’s (MCD) and Krispy Kreme (DNUT) are discussing the expansion of their partnership beyond Kentucky, as the former tests appetites for doughnuts. (CNBC)
- AstraZeneca (AZN) hiked its earnings forecast thanks to cancer drug sales, which helped the company offset declining Covid-19 vaccine revenue. (MarketWatch)
- Best Buy stock delivered a solid profit to put traders.
- Twilio stock ran into technical pressure after earnings.
- 3 media stocks rising amid tentative SAG-AFTRA deal.
Gold Prices Rise as U.S. Dollar Weakens
Oil prices edged higher on Thursday, as concerns surrounding supply and a potential global recession eased. December-dated West Texas Intermediate (WTI) crude added 41 cents, or 0.5%, to close at $75.74 a barrel.
Gold prices also rose, as the U.S. dollar weakened and Powel's speech fanned interest rate hike fears. December-dated gold added $6.90, or 0.4%, to close at $1,965.40 an ounce for the day.