The major benchmarks finished mixed following yesterday's selloff
Stocks finished mixed after yesterday's steep losses, digesting what's left of the tech selloff. The Dow finished the day a modest winner, paring an early jump of over 500 points, while the S&P 500 and Nasdaq moved slightly lower, the latter extending Wednesday's 654-point drop with its third-straight daily loss. This morning's GDP data had economists musing over the Federal Reserve's interest rate timeline, with many turning increasingly hopeful.
Continue reading for more on today's market, including:
- Mining stock brushes off upbeat earnings and a bull note.
- Disappointing forecast cuts into Honeywell stock.
- Plus, behind F's plummet; a bear note for LULU; and what's happening next week.
5 Things to Know Today
- ChatGPT creator OpenAI announced it was launching a new prototype, sending Alphabet (GOOGL) stock sliding. (MarketWatch)
- The bankruptcy of privately owned hospital network Steward Health is now under investigation by the U.S. Senate. (Reuters)
- Ford Motor stock crashed after earnings today.
- JPMorgan Securities turned sour on athletic retailer.
- Next week will bring the latest interest rate decision from the Federal Reserve.
Oil Bounces Off 6-Week Lows
Oil prices rebounded from six-week lows today, as demand worries waned. September-dated West Texas crude added 69 cents or 0.9%, to settle at $78.28 a barrel.
Gold prices succumbed to some profit taking after GDP data suggested an incoming lift for higher-for-longer interest rates. August-dated gold futures fell to a three-week bottom, down $62.20 or 2.6%, to settle at $2,353.50 per ounce for the day.