The Dow held 46,000 and pared a triple-digit deficit
Stocks were a scattered bunch for most of the day, but finished strong across the board ahead of Nvidia's (NVDA) turn in the earnings confessional. Despite a triple-digit deficit at session lows, the Dow pushed into the black in the final hour of the day, snapping a four-day losing streak.
The S&P 500 and Nasdaq both finished higher as well, the former snapping its own four-day skid. Investors are parsing through Fed minutes from last month's meeting, with officials split on an interest rate decision for December. At last check, CME's FedWatch tool shows a 66.5% chance the central bank cuts rates next month.
Continue reading for more on today's market, including:
- Utility stock gets big government boost.
- Retail stock struggling ahead of earnings.
- Plus, three retail earnings to unpack; and a semiconductor stock on the move.
Oil Cools Off Amid Rumored Russia-Ukraine Negotiations
Oil prices pulled back sharply today, as possibly restarted peace talks between Russia and Ukraine reduced risk-on appetite. The Energy Information Administration (EIA) reporting a surprise draw in U.S. crude stock is keeping losses in check, though. December-dated West Texas Intermediate (WTI) crude fell $4.60, or 2.1%, to settle at $59.91 per barrel.
Gold prices rose today, as the safe-haven asset looks to the long-awaited jobs data tomorrow morning. December-dated gold futures added 1.3% to settle at $4,117.10 per ounce.