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Stocks Shrug Off Feeble Friday, Secure Weekly Wins

Both oil and gold plummeted nearly 2% for the week

Managing Editor
Jun 7, 2024 at 4:23 PM
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After a modest day of trading, the major indexes finished lower across the board, succumbing to a jobs data underscoring a red-hot labor market, and the subsequent boost in bond yields. Despite the choppy price action today, the Dow, S&P 500, and Nasdaq all logged weekly wins, the former hitting another record peak today and the tech-heavy latter logging its best week since April 26.

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

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5 Things to Know Today

  1. Another new age has approached in technology, this time in the form of personalized ads on the back of seats for United Airlines (UAL) flyers. (CNBC)
  2. Per the Federal Reserve, consumer credit grew at an annual rate of 1.5% for April, a recovery from last month's fall. (MarketWatch)
  3. Bull signal says ETF is ripe for a June rally.
  4. GameStop stock let investors down today.
  5. All eyes are on the Federal Reserve next week.

Corporate Earnings June 7

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Gold, Oil Sink Nearly 2% for the Week

Fed worries and jobs data sent oil futures barely lower for Friday's session. July-dated West Intermediate (WTI) crude dropped 2 cents, or 0.1%, to close at $75.53 per barrel on the day and off 1.9% for the week, black gold's third consecutive week in the red. 

Gold fared no better, falling to its worst close in nearly a month on the back of strong jobs data and China central bank updates. The June-dated commodity closed down $65.90, or 2.8%, to settle at $2,323.80 an ounce for the day and 1.9% lower on the week.

 

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