All three major indexes finished with substantial weekly losses
Stocks stumbled into the weekend, as the tech selloff ramped up and profit taking took hold. The Dow lost nearly 700 points and finished with a weekly loss. The S&P 500 suffered its worst single-session decline since Oct. 10, while the Nasdaq logged its steepest drop since April 2025. Both indexes halted their weekly win streak at nine, as a red-hot jobs report fueled interest rate hike concerns. As investors wrangle with the sharp pullback across the market, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) clocked its best day since April 2025.
Continue reading for more on today's market, including:
- Our Substack, The Contrarian Edge has a fun study out tomorrow morning.
- This retail stock has short squeeze potential.
- Plus, more on the semi selloff; Chipotle upgraded; and a retail stock roundup.
5 Things to Know Today
- Bitcoin (BTC) has breached $60,000, its lowest level since late 2024. (CNBC)
- Assessing the potential investing impact of the 2026 FIFA World Cup. (Reuters)
- These chip stocks were victims of the profit taking.
- Analyst buying low on Chipotle stock.
- This overlooked sector had a busy week.
Commodities Join Equities Lower
Oil prices fell today, as a day of muted rhetoric over the U.S.-Iran conflict assuaged supply concerns. July-dated West Texas Intermediate (WTI) shed 3% to settle at $90.27 a barrel. For the week, black gold gained 3.1%.
Gold prices also moved lower, as the jobs data triggered a 67% chance the Fed hikes interest rates in December, per CME's FedWatch tool. The now most active August-dated gold futures added 2.2% to $4,405.10 per ounce. For the week, gold shed roughly 5%.