Wall Street's 2024 Losses Accelerate Following Fed Minutes

Oil prices turned higher after starting the year lower

Deputy Editor
Jan 3, 2024 at 4:27 PM
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Stocks finished the latest trading day of the year with their second consecutive day of losses. The tech-heavy Nasdaq followed up its worst day since October with a triple-digit dip, even after the 10-year Treasury yield slipped back below the 4% level. Meanwhile the Dow shed over 280 points and the S&P 500 settled in the red, after the Federal Reserve's meeting minutes hinted that the central bank isn't ready to lower rates just yet.

Continue reading for more on today's market, including:

closing summary jan3

nyse nasdaq Jan3

5 Things to Know Today

    1. Everything else that was revealed in the latest Fed minutes. (MarketWatch)
    2. Xerox (XRX) is cutting 15% of its workforce, or nearly 3,100 employees, as part of a new organizational and operating implementation strategy. (CNBC)
    3. Big tech stock tends to outperform in the first month of the year.
    4. Qualcomm stock could yield disappointing returns.
    5. Behind this fintech stock's bear note.

    There were no earnings of note today.

    UVOL Jan3

    Gold Prices Wipe Out Yesterday's Gains

    Oil futures took a step forward Wednesday, following deadly explosions at a ceremony that marked the anniversary of the death of an Iranian military officer. Reports of protests shutting down Libya's largest oilfield also buoyed black gold. For the session, West Texas Intermediate (WTI) crude for February delivery added $2.32, or 3.3%, to finish at $72.70 a barrel.

    Meanwhile, gold prices turned yesterday's gains around, after the greenback strengthened ahead of the Fed's commentary. Today, February-dated gold futures shed $30.20, or 1.5% to settle at $2,042.80 per ounce.

     

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