Dow Trims Triple-Digit Losses, Still Settles Lower

Wall Street's focus is on tomorrow's CPI reading

Deputy Editor
Apr 9, 2024 at 4:23 PM
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Stocks were volatile ahead of tomorrow's highly-anticipated consumer price index (CPI) reading, which traders will be watching for clues regarding the Fed's upcoming interest rate decision. The Dow pared a triple-digit loss but still settled slightly below breakeven, while both the S&P 500 and Nasdaq finished higher. A handful of Big Tech stocks were notably lower today, including chip giant Nvidia (NVDA), which finished the day down 2%.

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

  • 2 reasonably priced stocks that received upgrades today. 
  • Options traders target China-based stock amid fresh highs. 
  • Plus, PFE's trial news; ALLY upgraded; and more volatility could be ahead.

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5 Things to Know Today

  1. Moderna's (MRNA) vaccine trial showed its treatment could work outside of its melanoma target. The stock jumped over 6% today in response. (Marketwatch)
  2.  Australian billionaire Gina Rinehart's mining firm took a 5.3% stake in U.S.-based MP Materials (MP). (Reuters
  3. Pfizer's latest RSV vaccine trial data boosted the stock. 
  4. Analyst expects Ally Financial earnings to surpass expectations. 
  5. These 2 indicators are pointing at potential volatility ahead. 

There were no earnings of note today. 

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Oil Moves Lower, Gold Hits Another Record

Oil prices fell for the second day, after yesterday snapping their six-day win streak, as traders continue to monitor tensions in the Middle East. May-dated West Texas Intermediate (WTI) dropped $1.20, or 1.4%, to settle at $85.23 a barrel. 

Gold extended its record-setting run today, with June-dated U.S. gold futures closing up 0.4% to $2,360.70 per ounce. 

 

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