All three major benchmarks settled lower today
Sentiment was bearish on Friday, with the Dow and Nasdaq each shedding triple digits as the S&P 500 saw a third-straight daily drop. All three indexes settled lower for the week, after hotter-than-expected inflation data ahead of the Federal Reserve's interest rate decision put tech stocks under pressure and dashed hopes of a cut. The Cboe Volatility Index (VIX) edged higher on the day, meanwhile, but also saw a weekly loss.
Continue reading for more on today's market, including:
- FDA approval boosts pharmaceutical stock.
- Why traders should buy Molson Coors calls.
- Plus, your weekly rundown; EV stock's bull note; and McDonald's tech outage.
5 Things to Know Today
- Geron (GERN) stock surged after the FDA voted in favor of blood-disorder drug imetelstat, (MarketWatch)
- Apple (AAPL) reached a $490 million settlement to resolve a class-action lawsuit alleging CEO Tim Cook defrauded shareholders. (CNBC)
- Revisiting this week's retail and tech highlights.
- Analyst turns bullish on electric vehicle (EV) stock.
- Global tech outage pushes McDonald's stock lower.
Oil Swings Weekly Gain Despite Daily Loss
Oil prices settled lower on Friday, but still notched a roughly 3% weekly gain thanks to lower U.S. crude supplies, an upbeat demand outlook, and continued conflict between Russia and Ukraine. April-dated West Texas Intermediate (WTI) lost 22 cents, or 0.3%, to finish at $81.26 per barrel on the day.
Gold prices also fell, marking their first weekly loss in four weeks as investors became less optimistic about interest rate cuts after a red-hot producer price index (PPI). April-dated gold dropped $5.70, or 0.5%, to settle at $2,167.50 per ounce on the day, and shed about 0.8% on the week.