Wall Street's "fear gauge" settled at its lowest level since Feb. 8
The three major indexes saw more record closes on Thursday, in addition to fourth-straight daily gains. An upbeat forecast and quarterly results from Micron Technology (MU) helped fuel wins, lifting chip stocks and lending strength to the broader tech sector. Traders also remained confident that interest rate cuts are coming this year. Elsewhere, the Cboe Volatility Index (VIX) saw its fourth consecutive session in the red, and settled at its lowest level since Feb. 8.
Continue reading for more on today's market, including:
- Micron's blowout report boosted 2 stocks.
- Ardelyx stock boasts intriguing entry point.
- Plus, another chip stock breaking records; how to trade LEAPS; and behind LI's tumble.
5 Things to Know Today
- The Swiss National Bank became one of the first major banks to made a quarter-point reduction in rates. (MarketWatch)
- Reddit (RDDT) began trading on the New York Stock Exchange (NYSE) at $34 per share, raising about $750 million. (CNBC)
- Bull note pushes semiconductor stock to record highs.
- The difference between LEAPS and short-term options.
- Li Auto stock gapped lower on a revised delivery outlook.
Oil Lower on Energy Demand Outlook
Oil prices settled lower on Thursday, as the outlook for energy demand grew dim. The now front-month May-dated West Texas Intermediate (WTI) shed 20 cents, or 0.2%, to settle at $81.07 per barrel on the day.
Gold prices settled higher, still enjoying tailwinds from the Federal Reserve's interest rate decision. April-dated gold added $23.70, or 1.1%, to settle at $2,184.70 per ounce on the day.