Dow Drops 241 Points to Kick Off 2nd Quarter

Fed Chair Jerome Powell indicated no rush on cutting rates

Deputy Editor
Apr 1, 2024 at 4:24 PM
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Fresh off a stellar first quarter on Wall Street, the Dow finished the day with a steep triple-digit drop. The S&P 500 finished modestly lower as well, while the Nasdaq traded on both side of the aisle before ultimately closing in the black. Friday's PCE price index reading and subsequent Fed comments were in focus, while Treasury yields clocked their best single-session gain in a month after Fed Chair Powell expressed no rush to cut interest rates any time soon. 

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

  • 2 stocks on the rise amid gold's record highs. 
  • Amazon.com stock's record run might still have legs. 
  • Plus, FDX slips after USPS breaks ties; data leak drags T; and tough month ahead for LYV, historically. 

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5 Things to Know Today

  1. To reduce an excess of staffing due to a shortage of new Boeing (BA) planes, United Airlines (UAL) is asking pilots to take time off. (MarketWatch)
  2. Microsoft-backed startup OpenAI is making ChatGPT available without the need for sign-ups. (Reuters
  3. USPS replacing FedEx with UPS as its primary air cargo carrier. 
  4. Put traders target AT&T stock after massive data leak. 
  5. Entertainment stock one of the worst to own in April

There were no earnings of note today.

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Gold Notches Record Highs

Following a third-straight monthly gain, oil prices added 0.9% today. May-dated West Texas Intermediate (WTI) rose 71 cents to finish at $83.88 per barrel.

Gold prices hit record highs today, as Friday's inflation data encouraged investors to bet on rate cuts this year. At last glance June-dated gold was up $23.10, or 1%, at $2,261.50 per ounce.

 

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