Inflation Fears Fuel Wall Street Selloff

The VIX logged its best single-session percentage since October

Deputy Editor
Feb 13, 2024 at 4:25 PM
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Hotter-than-expected inflation reading stopped Wall Street in its tracks today, with all three benchmarks logging their steepest point-based drop of 2024. The Dow erased more than 524 points for its worst single-session loss in nearly 12 months, and was off over 700 points at its session lows.

Not to be outdone, the S&P 500 breached the psychologically significant 5,000 mark and the Nasdaq shed triple digits. In the background, investors' "fear gauge," the Cboe Volatility Index (VIX), logged its best single-session percentage gain since October.

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

  • How bulls scored big on this tech stock.
  • What to make of Tesla stock after a fickle 12 months.
  • Plus, TripAdvisor's potential deal; JetBlue's lifeline; and Coca-Cola's earnings.

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5 Things to Know Today

    1. A comprehensive breakdown of January's inflation data. (CNBC)
    2. The $95.3 billion aid package for Ukraine, Israel, and Taiwan just passed through the U.S. Senate. (MarketWatch)
    3. Travel stock surged before earnings report.
    4. See what helped JetBlue stock buck the broad-market selloff.
    5. Not even a revenue beat could help Coca-Cola stock today.

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    Oil Secures 7th Consecutive Win

    Oil futures turned in their seventh consecutive gain, as supply speculation continues to swirl amid Middle East tensions. For the session, March-dated West Texas Intermediate Crude (WTI) added 95 cents, or 1.2%, to finish at $77.87per barrel, the sixth-straight winning session.

    Gold prices, meanwhile, pulled back to the key $2,000 level, after today's inflation raised questions about the Fed's future interest-rate cut plans.  April-dated gold lost $25.20, or 1.2%, to settle at $2,007.80 for the session.

     

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