Nasdaq, S&P 500 Settle Lower Ahead of Big Data Release

Retail sales data and a PPI reading are due out tomorrow

Digital Content Manager
Mar 13, 2024 at 4:26 PM
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Both the Nasdaq and S&P 500 settled lower Wednesday, with the former pulling back from yesterday's record close as tech stocks cooled. The Dow settled above breakeven to notch a third-straight win, though, as Wall Street looked ahead to tomorrow's producer price index (PPI) reading as well as retail sales data.

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

  • These 2 cheap stocks look promising.
  • Pulled plans put a damper on Intel stock.
  • Plus, SPX macro factor to consider; Eli Lilly partners with Amazon; and options traders target WOOF.

Closing Indexes Summary March 13

NYSE and Nasdaq Stats March 13

5 Things to Know Today

    1. The House approved legislation calling China's ByteDance to divest TikTok or face a U.S. ban. (CNBC)
    2. Oil giant Shell (SHEL) is considering slowing the pace of its carbon emission cuts  as it focuses on shareholder returns. (MarketWatch
    3. Investors should not overlook this SPX macro factor.
    4. Amazon will deliver Eli Lilly drugs directly to consumers.
    5. Options traders responded to Petco's C-suite shakeup.

    Corporate Earnings March 13

    Unusual Options Activity March 13

    Oil Prices Surge on Declining Crude Supplies

    Oil prices snapped a four-day losing streak, after the International Energy Information Administration (EIA) reported weekly crude supplies dropped. Investors also weighed rising tensions between Russia and Ukraine, and Israel and Hamas. April-dated West Texas Intermediate (WTI) added $2.16 cents, or 2.8%, to finish at $79.72 per barrel.

    Gold prices settled higher as the greenback lost strength and investors regained some confidence that interest rate cuts are still coming. April-dated gold tacked on $14.70, or 0.9%, to settle at $2,181.50 per ounce.

     

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