Market Pessimism Ushers Daily, Weekly Losses for Stocks

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

1. Geron (GERN) stock surged after the FDA voted in favor of blood-disorder drug imetelstat, (MarketWatch)
2. Apple (AAPL) reached a $490 million settlement to resolve a class-action lawsuit alleging CEO Tim Cook defrauded shareholders. (CNBC) 
3. Revisiting this week's retail and tech highlights.
4. Analyst turns bullish on electric vehicle (EV) stock.
5. 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.