The S&P 500 rose 1% on the week
Wall Street ran out of steam during Friday's trading, with the S&P 500 finishing just below breakeven, snapping a six-day win streak and handful of record closes. Intel (INTC) and the tech sector sent the Nasdaq into the red as well, while the Dow walked away the only winner, eking out a modest 60-point gain. For the week, all three indexes managed healthy gains, with SPX jumping 1%.
Continue reading for more on today's market, including:
- Best investor strategy to know for 2024 options trading.
- Spirit of competition puts this Schaeffer's pick on top.
- Plus, record week; a buried chip sector; and Snap stock lands analyst praise.
5 Things to Know Today
- Microsoft (MSFT) is under fire today, after the company's workplace communications platform Teams, suffered a worldwide outage in the early afternoon. (MarketWatch)
- The deluge of big-name tech layoffs continued in January, with no fewer than 23,000 already initiated from the likes of (but not limited to) Alphabet (GOOGL), Microsoft, and Meta Therapeutics (META). (CNBC)
- Behind a fresh week of record wins for Wall Street.
- Chip sector buried on heels of dismal Intel earnings.
- Snap stock praised for "strong catalyst path."
Oil Logs Best Week Since September
Following a weeks' worth of upbeat economic data and news, oil futures jumped on the day and week. For the session, March-dated West Texas Intermediate Crude (WTI) climbed 65 cents, or 0.8%, to finish at $78.01 a barrel. For the week, oil enjoyed a 4.3% lift, its best such performance since September.
Gold prices fell today as all eyes remain on next week's Federal Reserve meeting. The now most-active April-dated gold shed 70 cents or 0.9%, to settle at at $2,036.10 for the session, and is off 0.3% for the week.