Wall Street Inks First Weekly Win of 2024

The VIX logged its worst weekly loss since the end of November

Deputy Editor
Jan 12, 2024 at 4:38 PM
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The major indexes in the were mixed on Friday, as investors digested a batch of corporate earnings reports and more inflation readings. However, the Dow, Nasdaq, and S&P 500 all finished higher on the week, after last Friday snapping a nine-week win streak. And despite the recent tumultuous trading, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its worst weekly loss since late November. 

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

  • An electric stock for bulls' consideration.
  • Behind this banking giant's revenue whiff.
  • Plus, QCOM's bull note; UnitedHealth stock drags sector; and a 2024 stock pick.

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5 Things to Know Today

    1. Embattled bank Citigroup (C) announced plans to cut 10% of its workforce, impacting roughly 20,000 employees over the "medium term." (CNBC)
    2. In an attempt to hinder the Red Sea attacks carried out by Yemen's Iranian-backed Houthi, the U.S Treasury Department expanded sanctions against a key-financier of the rebel group. (MarketWatch)
    3. Analyst praises Qualcomm stock's setup in 2024.
    4. Healthcare firm's higher costs weigh on entire sector.
    5. A 2024 stock pick courtesy of Schaeffer's analysts.

    There were no earnings of note today.

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    Oil Prices Rise After U.S., U.K. Retaliate in Middle East

    Oil futures posted gains to close out the week. The rise in black gold followed news that the U.S. and U.K. attacked Houthi in Yemen in response to the rebel group's continue attacks in the Red Sea. For the session, West Texas Intermediate (WTI) crude for the February contract added 66 cents, or 0.9%, to finish at $72.68 per barrel, but fell 1.5% for the week.

    Gold futures fell once again, pressured by today's inflation data that boosted the greenback and bond yields. In response, February-dated gold shed $32.40, or 1.6%, to close at $2,051.60 per ounce, and added 0.9% this week. 

     

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