Dow Continues Slide with Steep 530-Point Drop

The Dow is still winless in the second quarter

Deputy Editor
Apr 4, 2024 at 4:23 PM
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The market staged quite the reversal, given that all three major benchmarks were on track for substantial gains earlier in the day. The Dow continued its second-quarter slump with a dramatic 530-point loss -- its fourth consecutive daily drop. The S&P 500 and Nasdaq both turned sharply lower as well, the latter falling triple digits.

Comments from Minneapolis Fed President Neel Kashkari did little to boost sentiment this afternoon, saying if inflation continues to "move sideways," it's possible there might not be any rate cuts at all this year.

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

  • 2 noteworthy stocks made outsized moves after analyst notes
  • Behind Levi stock's surge to 2-year highs. 
  • Plus, what's on tap next week; SQ downgraded; and W's in recovery mode. 

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5 Things to Know Today

  1. Silver prices rose to their highest level since June 2021 today, on track for a weekly rise that outpaces gold. (Marketwatch)
  2. Meta Platforms (META) climbed to record highs today, following a price-target hike from Jefferies. (CNBC
  3. Inflation data, Fed minutes scheduled for next week. 
  4. Analyst sees headwinds for Block stock. 
  5. Retailer upgraded on recovery potential. 

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Oil Marks 5 Straight

Oil prices rose for the fifth consecutive session, hitting their highest levels since October, as tensions in the Middle East continue to rise. May-dated West Texas Intermediate (WTI) rose $1.16, or 1.4%, to settle at $86.59 a barrel.

Gold prices are inching lower after last session rising above $2,300 for the first time ever. At last look, June-dated U.S. gold futures were down $6.50, or down 0.2%, at $2,308.50. 

 

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