Dow Snaps Losing Streak Despite Hawkish Fed Comments

Treasury yields rose after Powell's remarks

Deputy Editor
Apr 16, 2024 at 4:25 PM
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The Dow managed to snap its six-day losing streak today, with help from UnitedHealth (UNH) stock's post-earnings rally, while the S&P 500 and Nasdaq finished modestly in the red after a choppy afternoon. Investors focused in on Fed Chair Jerome Powell's comments highlighting elevated inflation and the unlikelihood of there being interest rate cuts any time soon. Subsequently, bond yields continued to climb, with the 10-year Treasury yield rising above 4.7%. 

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

  • Oil stock Chevron could stage a bounce after recent dip. 
  • More on UnitedHealth stock's first-quarter results. 
  • Plus, behind LYV's slide; KR upgraded; and S&P 500 levels to watch this week. 

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5 Things to Know Today

  1. The House of Representatives has struggled to come to a decision regarding aid to Israel, Ukraine, and Taiwan. This week, House Speaker Mike Johnson is pushing for separate votes. (MarketWatch)
  2. Former OpenAI board member Helen Toner is calling for an audit of the biggest artificial intelligence (AI) companies. (Bloomberg) 
  3. Lawsuit rumors send Ticketmaster parent reeling. 
  4. Analyst upgrades Kroger stock on improving fundamentals. 
  5. Two potential S&P 500 resistance levels

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Oil Posts Back-to-Back Losses

Oil prices inched lower for the second day, as concerns regarding conflict in the Middle East tentatively ease. May-dated West Texas Intermediate (WTI) fell 5 cents, or nearly 0.1%, to $85.36 a barrel. 

Gold prices rose once again, though still not touching Friday's record highs. June-dated gold futures settled 1% higher at $2,407.80. per ounce.  

 

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