Stocks Dragged by Tech Sector Profit Taking

Gold surged to a fresh weekly high today

Managing Editor
Feb 20, 2024 at 4:26 PM
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Wall Street is extending Friday's losses into the holiday-shortened week, with all three major indexes marking steep daily drops. The tech-heavy Nasdaq shed triple digits, while the Dow and S&P 500 finished firmly in the red. Profit-taking gripped the Magnificent Seven today, as investors reevaluate the sector and all eyes turn to Nvidia's (NVDA) corporate report due out tomorrow morning. 

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

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5 Things to Know Today

    1. A U.N. resolution attempt to push a ceasefire was vetoed by the United States, the country saying it would not bring peace to the Israel-Hamas war. So far 1,200 people have been killed and 250 taken hostage. (MarketWatch)
    2. American Airlines (AAL) is raising the price of baggage fees on domestic flights to $35 from $25, Senior V.P. of Revenue Scott Chandler saying, “our cost of transporting bags is significantly higher.” (CNBC)
    3. Biotech enjoys best day in years on FDA push.
    4. Downgrade dings blue-chip Caterpillar.
    5. Senior V.P. of Research Todd Salamone shares one way to hedge immediate options trading risk.

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    Gold Grips Weekly High Ahead of Fed Minutes

    Oil prices pulled back from recent three-month highs as the Israel-Hamas conflict continues to trigger production worry. For the session, April-dated West Texas Intermediate Crude (WTI) shed $1.01, or 1.3%, to finish at $78.18 per barrel

    Gold is enjoying gains, earlier hitting a weekly high as the U.S. dollar pulls back and investors await tomorrow's Fed minutes. April-dated gold added $15.70, or 0.8%, to settle at $2,039.80 for the session.

     

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