Stocks were briefly lower today but ultimately stayed red hot
Stocks continued their climb today, with all three major indexes notching their sixth-straight win thanks to the latest retail sales data. Bond yields took a tumble as investors cheered next year's potential rate cuts, with the 10-year Treasury yield breaching 4% for the first time since August. The Dow once again closed at all-time highs for a fifth-straight triple-digit pop, while all three major indexes shrugged off brief midday pivots into negative territory.
5 Things to Know Today
- U.S. agents seized $18 million worth of illegal e-cigarettes from the manufacturer behind Elf Bar, a popular vape brand amongst teens. (MarketWatch)
- Mortgage rates in the U.S. dropped below 7% for the first time since August. (Bloomberg)
- Lots more inflation data to unpack next week.
- Moderna stock boosted by cancer vaccine trial data.
- Software stock dinged by weak forecast.
Oil, Gold Sharply Higher
Oil futures rose for the second straight day, with West Texas Intermediate (WTI) crude for January delivery adding $2.11, or 3%, to settle at $71.58 a barrel.
Gold prices rose sharply as well, as a weakened U.S. dollar provided support for the safe-haven asset. February-dated gold futures climbed $47.60, or 2.4%, to settle at $2,044.90 an ounce -- the largest daily percentage gain since October.