Investors eyed trade deficit and jobs data today
It was a volatile day on Wall Street as traders unpacked trade deficit and job openings data. The Dow erased a triple-digit gain to settle modestly higher, while both the Nasdaq and S&P 500 moved lower to extend yesterday's steep selloff. Meanwhile, the Cboe Volatility Index (VIX) closed at its highest level since Aug. 8, while the two- and 10-year Treasury yields dropped to their lowest levels since 2023.
Continue reading for more on today's market, including:
- 3 chip stocks to watch amid sector correction.
- More headwinds could be ahead for Lyft stock.
- Plus, digging into the defense sector; Dollar Tree's dismal earnings; and 2 struggling cybersecurity stocks.
5 Things to Know Today
- OpenAI co-founder Ilya Sutskever raised $1 billion from multiple notable investors for his new artificial intelligence (AI) company, Safe Superintelligence. (CNBC)
- Dick's Sporting Goods (DKS) shares brushed of a quarterly top- and bottom-line win after the retailer warned full-year profits could miss estimates. (MarketWatch)
- Is the defense sector overbought or resilient?
- Dollar Tree stock tumbled after an earnings miss.
- Why these 2 cybersecurity stocks struggled today.
Gold Prices Mark 4th-Straight Loss
Oil prices settled lower on Wednesday and slipped below $70 for the first time since December. Manufacturing data continued to weigh, with additional pressure stemming from a possible resolution to the conflict that blocked Libyan crude exports. November-dated West Texas Intermediate (WTI) crude shed $1.14, or 1.6%, to settle at $69.20 per barrel.
Gold prices moved lower for a fourth consecutive session, earlier hitting a roughly two-week low as investors feared an interest rate cut in September may not be as robust as previously anticipated. Gold for December delivery was last seen off 0.06% at $2,524.40 per ounce.