Wall Street Weighed Down by Hawkish Fed Comments

Gold and oil prices fell as the U.S. dollar gained strength

Deputy Editor
Jan 16, 2024 at 4:27 PM
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Wall Street finished the first session of the holiday-shortened week lower, with the 10-year Treasury climbing above 4% and midday losses accelerating after Federal Reserve Governor Christopher Waller implied there will be 'no rushing' to ease the central bank's monetary policy. The Dow shed 231 points for its worst single-session drop in nearly two weeks, while the Nasdaq and S&P 500 also closed firmly in the red, the latter snapping a six-day win streak. Elsewhere, the Cboe Volatility Index (VIX) logged its third-straight win.

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

  • The new most valuable publicly traded company.
  • A chip stock to target in 2024.
  • Plus, encouraging signals for bulls; WDC's upgrade; and bank earnings to unpack. 

closing summary jan16

nyse nasdaq jan16

5 Things to Know Today

    1. In a win for the Justice Department, a federal judge blocked JetBlue Airways' (JBLU) purchase of Spirit Airlines (SAVE). This comes after the department sued to stop the merger on allegations that it would increase fares for price-sensitive buyers. (CNBC)
    2. The U.S. Supreme Court today rejected a request from Apple (AAPL) and Epic Games to hear disputes in their antitrust case. (MarketWatch)
    3. If you look closely, there are encouraging signals flashing.
    4. Upgrades helped computer hardware stock zag today.
    5. Earnings season was not kind to these bank stocks.

    Earnings Jan16

    UVOL Jan16

    Commodity Prices Pressured By Strengthened Greenback

    Oil futures were pressured on Tuesday by a strengthening U.S. dollar. However, ongoing tensions in the Middle East kept losses in check, with disrupted tanker traffic threatening oil supplies. For the session, West Texas Intermediate (WTI) crude for the February contract lost 28 cents, or 0.4%, to finish at $72.40 per barrel.

    Rising bond yields and a higher U.S. dollar also took their toll on gold futures, with February-dated gold shedding $21.40, or 1%, to close at $2,030.20 per ounce, and added 0.9% this week. 

     

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