Schaeffer's Top Stock Picks for '25

S&P 500 Bounces Back as Traders Offload Tech

Oil prices closed at a five-month high

Managing Editor
Jan 13, 2025 at 4:29 PM
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The tech selloff continued for the Nasdaq, the only loser in today's trading, while the Dow and S&P 500 reversed earlier losses by the close. The blue-chip index tacked on 358 points, with the likes of Caterpillar (CAT) and JPMorgan Chase (JPM) among its top gainers. Driving investors away from tech has been a pop in the 10-year Treasury yield, which today hit its highest mark since November 2023, just shy of 5%.

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

  • 3 retail giants making outsized moves.
  • Sage Therapeutics stock stages impressive surge.
  • Plus, pharma stock plummets; call trades still love this chip stock; and bear notes for social media name.

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5 Things to Know Today 

  1. As the record-breaking damage from the still-raging wildfires in Los Angeles is slated to cost upwards of $183 billion, rent prices in the costly city are expected to rise as much as 12%. (MarketWatch)
  2. Making his last strides in office, President Joe Biden relieved student debt for 150,000 borrowers, bringing his loan forgiveness efforts to $183.6 billion. (CNBC)
  3. Worst day on record for this Moderna stock
  4. Call traders brush off Nvidia stock's drop.
  5. Analyst downgrades social media stock.

There were no earnings of note today.

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Oil Rises on Sanction Worries

Possible sanction tightening on Russian oil sent crude to its highest close in five months in today's trading. February-dated West Texas Intermediate (WTI) crude added $2.25, or 2.9%, to settle $78.82 per barrel.

A jump in the greenback pushed gold futures lower for the session. Gold for January delivery fell 1.4% to settle at $2,677.60 an ounce.

 
 

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