Stocks Brush Off Tech Slide, Mark 3rd-Straight Monthly Wins

Oil had its best month since September

Deputy Editor
Jan 31, 2024 at 4:30 PM
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The tech-heavy Nasdaq lost over 345 points and logged its worst day since October, after Big Tech earnings failed to impress investors. The broader market S&P 500 also erased a significant amount and the Dow snapped its four-day win streak with a triple-digit loss, after the Fed kept interest rates unchanged and insisted it wasn't ready to make cuts anytime soon. On a monthly basis, all three major indices scored their third-straight win. Elsewhere, Wall Street's "fear gauge," the VIX, scored its second-highest close since mid-November.

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

  • 25 stocks to avoid this month.
  • How traders reacted to Walmart's stock split.
  • Plus, why stocks can keep running higher; Paramount's billion-dollar buyout offer; and tips for bulls.

closing summary jan31

nyse nasdaq jan31

5 Things to Know Today

    1. Retail giant Walmart (WMT) plans to construct or convert more than 150 large-format stores over the next five years. (MarketWatch)
    2. U.S. President Joe Biden's job approval just fell to 38%. (Reuters)
    3. Popular gauge says the market has room to run.
    4. Streaming stock boosted buy billion-dollar buyout offer.
    5. How bulls should prepare for 2024.

    Earnings Jan31

    UVOL Jan31

    Oil Scores Monthly Gain After 3-Month Drought

    Oil futures marked a daily loss, pressured by gains in the U.S. crude and gasoline supplies, but the front-month contract still managed a 5.9% jump in January --- their first monthly gain since September. For the session, however, March-dated West Texas Intermediate Crude (WTI) lost $1.97, or 2.5%, to finish at $75.85 per barrel.

    Despite the Fed's decision to leave interest rates unchanged, gold price still gained today. April-dated gold added $16.50, or 0.8%, to settle at at $2,067.40 for the session. However, bullion shed around 0.8% over the last month.

     

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