The Dow jumped 260 points
The Nasdaq and S&P 500 extended yesterday's losses, with the former falling 350 points as Advanced Micro Device's (AMD) dismal outlook dragged chip stocks. The Dow secured a triple-digit gain, however, with support from Amgen's (AMGN) strong quarterly results. Traders also unpacked private payrolls for January, which came in below expectations, and are now turning to quarterly results from Alphabet (GOOGL). Elsewhere, the Cboe Volatility Index (VIX) moved back above 19, while Bitcoin (BTC) continued to fall, earlier slipping below $73,000.
Continue reading for more on today's market, including:
- Options traders are becoming more bearish.
- Weak sales forecast pressures pharmaceutical stock.
- Plus, LLY enjoys post-earnings pop; CMG brushes off strong results; and RDDT's pullback steepens.
5 Things to Know Today
- Amazon.com (AMZN) is considering investing up to $50 billion in OpenAI, which has AI models that may help power its digital assistant Alexa. (CNBC)
- Treasury Secretary Scott Bessent said that the president has the right to interfere with the Federal Reserve’s decision-making amid pressure to lower rates. (Barron's)
- Eli Lilly stock surged to its highest level since October.
- Why Chipotle Mexican Grill stock brushed off strong results.
- Reddit stock extended its recent pullback ahead of earnings.
Oil Prices Surge Amid U.S.-Iran Tensions
Oil prices charged higher on Wednesday, after President Donald Trump stated Iran’s Supreme Leader Ayatollah Ali Khamenei "should be very worried." March-dated West Texas Intermediate (WTI) crude rose $2.04, or 3%, to at $69.37 a barrel.
Gold priced edged slightly higher, while silver prices bounced as well. February-dated gold futures added 0.3% to settle at roughly $4,920.40 per ounce.