This was the Nasdaq and S&P 500's best week since November
It was an emphatic end to a big week on Wall Street, as all three major indexes scored sizable weekly gains and investors continued to bank on an interest rate cut. Import price and consumer sentiment data emboldened traders as well, with tech and chip stocks rallying today.
The Nasdaq and S&P 500 settled higher for a perfect week, their best weekly performances since November. Elsewhere, the Dow nabbed a triple-digit pop and third-straight gain, while the Cboe Volatility Index (VIX) settled lower for a fifth consecutive session.
Continue reading for more on today's market, including:
- Stronger demand boosts furniture stock.
- Tractor Supply stock could bounce off support.
- Plus, options bears love Cathie Wood ETF; AZN downgraded; and revisiting this week's inflation data.
5 Things to Know Today
- Boeing's (BA) CFO Brian West said a workers strike that began today will impact aircraft deliveries and “jeopardize” the company’s recovery. (CNBC)
- United States Steel (X) popped amid reports that the Biden administration won't block Nippon Steel's buyout of the company anytime soon. (MarketWatch)
- Put traders have been blitzing this growth stock ETF.
- Downgrade dings AstraZeneca stock.
- Looking back on this week's key inflation data.
More Records for Gold; 3rd-Straight for Oil
Oil prices fell today amid Hurricane Francine disruptions in the Gulf of Mexico, but still secured a weekly win. October-dated West Texas Intermediate (WTI) crude shed 32 cents, or 0.5%, to settle at $68.75 a barrel. Black gold tacked on 3.8% for the week.
Gold prices scored a fresh record high -- their 34th of 2024 -- as the U.S. dollar weakened and confidence in the prospect of an interest rate cut grew. Gold for December delivery finished up $30.10, or 1.2%, to settle at $2,610.30 per ounce. The safe-haven asset added 3.2% for the week.