The VIX suffered its worst daily percentage drop since Jan. 15
The Nasdaq finished the day up 212 points as investors bought the dip on major tech stocks after an extended market selloff. The S&P 500 finished higher for its first win of the week, while the Dow suffered its third-straight daily loss. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), fell 10% for its worst day since Jan. 15.
Though this morning's softer-than-expected CPI data boosted sentiment, retaliatory tariffs from Canada and the EU, as well as President's Trump's vow to respond to them further, escalated global trade tensions.
Continue reading for more on today's market, including:
- 3 semiconductor stocks to watch amid the tech rebound.
- Medical equipment stock upgraded ahead of CEO change.
- Plus, bulls pile on AAL; 2 metal stocks in focus; and PEP downgraded.
5 Things to Know Today
- A White House official confirmed Trump will nominate Federal Reserve Governor Michelle Bowman to be the central bank’s top bank supervisor, replacing Michael Barr. (Marketwatch)
- Due to the trade conflict, the Bank of Canada cut interest rates by 25 basis points today. (Reuters)
- Bulls pick up struggling American Airlines stock.
- A look at two metal stocks as tariffs take effect.
- Analyst: PepsiCo stock is a "hold."
Oil Rises on Increased Demand
Oil prices finished higher for the second day after Energy Information Administration (EIA) showed a substantial increase in gasoline demand for the week, and a drop in supplies. April-dated West Texas Intermediate (WTI) crude added $1.43, or 2.2%, to settle at $67.68 a barrel.
Bullion rose for the second day as well. U.S. gold futures added 0.9% to $2,946.80 an ounce.