The Dow suffered its worst single-session decline in nearly four weeks
Major indexes took a breather today, with all three -- four if counting the small cap Russell 2000 (RUT) -- marking modest losses. The Nasdaq and S&P 500 retreated from record highs hit early in the session, though the former held the psychologically-significant round number 23,000. The Dow slid 243 points for its worst single-session decline in nearly four weeks, as the U.S. government extended its shutdown for a ninth day, overshadowing continued Nvidia's (NVDA) continued AI efforts and wins.
Continue reading for more on today's market, including:
5 Things to Know Today
- Just one day after announcing mass furloughs, the Internal Revenue Service (IRS) revealed a new wave of tax brackets to account for inflation. (CNBC)
- A ceasefire agreement is working its way through the Israeli cabinet, which is expected to include a release of Hamas hostages. (BBC)
- Two big-name pharma stocks that just made a major move.
- Delta triple play puts airliner earnings in the spotlight.
- Netflix stock a historical outperformer in October.
Commodities Cool Off on Ceasefire Agreement
The Israel-Hamas ceasefire agreement is adding pressure to black gold, sending crude lower for the session. November-dated West Texas Intermediate (WTI) crude fell $1.04, or 1.7%, to settle at $61.51 per barrel.
Gold briefly breached $4,000 in today's trading, as the ceasefire deal and a resurgent dollar weighed, sending safe haven investors to book profits. December-dated gold futures settled 1.6% lower at $4,006.40 per ounce.