Dow Stays Up, Logs 6th-Straight Win

Fed commentary is still ambivalent regarding rate cuts

Deputy Editor
May 8, 2024 at 4:30 PM
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It was another choppy day on Wall Street, as traders brushed off tech sector profit taking and unpacked Federal Reserve commentary. In a prepared statement, Boston Fed President Susan Collins said the central bank's rate policy will remain steady until inflation moves "sustainably" toward the 2% target.

The Dow added 172 points for a sixth-straight win, the S&P 500 finished flat, and the Nasdaq closed in the red. Continuing its path lower, the Cboe Volatility Index (VIX) logged its fifth loss in the last six sessions.

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

  • Gloomy forecast drags software stock.
  • Aluminum stock sports bullish setup.
  • Plus, Reddit's earnings; e-tail stock's plunge; and Peloton's options activity.

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5 Things to Know Today

  1. AstraZeneca (AZN) is dropping its Covid-19 vaccine worldwide. (CNBC)
  2. U.S. President Joe Biden revealed plans for a new data-center complex. (MarketWatch)
  3. Breaking down Reddit's first earnings report.
  4. E-tail stock's worst day ever.
  5. Why options traders love Peloton stock.

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Oil Prices Bounce from 8-Week Low

Oil prices finished higher after falling to a nearly eight-week low earlier in the session. While U.S. government data showed a surprise weekly decline in domestic crude inventories, it also revealed an increase in product inventories and worries regarding demand. June-dated West Texas Intermediate (WTI) crude added 61 cents, or 0.8%, to settle at $78.99 a barrel.

Gold prices fell as investors awaited rate-cut clues. June-dated gold futures shed $7.00 to trade at $2,322.80 per ounce, at last check.  

 

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