The Dow was off more than 700 points at its session lows
Stocks staged a massive comeback on Wednesday as traders brushed off a hotter-than-expected core consumer price index (CPI) reading for August. The Dow reversed a 700-point intraday loss to nab a triple-digit pop, staging its largest comeback since October 2022 alongside the S&P 500. The Nasdaq tacked on 368 points as tech stocks bounced, marking its largest intraday swing since March 2023. More inflation data is coming tomorrow, with the producer price index (PPI) on tap.
Continue reading for more on today's market, including:
- 2 crypto stocks respond to presidential debate.
- Is FedEx stock set for another post-earnings pop?
- Plus, GameStop earnings; MS attracts bear note; and 2 cheap stocks to watch.
5 Things to Know Today
- Mortgage rates fell for the sixth-straight week to their lowest level since February 2023, but demand remains cool. (CNBC)
- Trump Media & Technology Group (DJT) stock, which is owned by former president Donald Trump and is behind Truth Social, tumbled after the debate. (MarketWatch)
- GameStop stock gapped lower after a wide revenue miss.
- Morgan Stanley stock downgraded to "neutral" from "buy."
- Why these 2 stocks under $20 pivoted higher today.
Oil Prices Rise Amid Hurricane Disruptions
Oil prices settled higher on Wednesday as Hurricane Francine disrupted energy output in the Gulf of Mexico. October-dated West Texas Intermediate (WTI) crude rose $1.56, or 2.4%, to settle at $67.31 a barrel.
Gold prices moved lower on the heels of inflation data, which tampered hopes of a more robust interest rate cut. Gold for December delivery was last seen flat at $2,542.40 per ounce.