The Dow managed to add 358 points
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.
5 Things to Know Today
- 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)
- 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)
- Worst day on record for this Moderna stock.
- Call traders brush off Nvidia stock's drop.
- Analyst downgrades social media stock.
There were no earnings of note today.
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.