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Dow Finishes Strong, Logs 3rd-Straight Weekly Win

Bond yields and the VIX are both falling in May

Managing Editor
May 3, 2024 at 4:25 PM
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For the second-straight Friday, Wall Street stuck the landing. Thanks to jobs data that supports interest rate cuts in the future, the Dow scored its best single-session pop since March 27 and secured a third-straight weekly win. The S&P 500 and Nasdaq also made outsized moves today for back-to-back positive weeks. As the 10-year Treasury yield breaches 4.5%, the Cboe Volatility Index (VIX) logged its lowest close in over a month.

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

  • Get ready for Walt Disney earnings next week.
  • Retail stock ripe for a short squeeze. 
  • Plus, stock replacement strategy; SQ's post-earnings pop; and bear notes for EXPE. 

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5 Things to Know Today

  1. This service sector gauge also weakened in April. (MarketWatch)
  2. Social media platforms are courting TikTok  for ad deals. (Reuters)
  3. This options strategy could settle the nerves.
  4. Square stock enjoys Bitcoin (BTC) bump.
  5. Travel stock draws bear notes after earnings.

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Oil Marks Worst Week Since February

Oil prices tumbled again, following news the Organization of the Petroleum Exporting Countries (OPEC+) is weighing production cuts beyond the second quarter. June-dated West Texas Intermediate (WTI) crude fell 84 cents, or 1.1%, to settle at $78.11 a barrel. For the week, black gold fell about 6.9% -- its worst percentage loss since February.

Gold prices were static in response to the jobs report. June-dated gold futures settled at $2,309.10 per ounce.  

 

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