The Dow settled with a 266-point drop
Markets saw a mixed settlement on Wednesday, as the Dow erased its muted morning gains to finish the day with a 266-point drop, snapping its three-day win streak and falling from this week's record highs. The S&P 500, meanwhile, looked as if it would snag its third-straight record close, but wound up diving into the red in the last hour of trading. The Nasdaq also gave back most of its earlier gains to settle flat, though the tech sector did get some support from both Microsoft (MSFT) and Alphabet (GOOGL), which both surged on better-than-expected earnings reports.
Continue reading for more on today's market, including:
- Why United Natural Foods stock could be ready for a rebound.
- This e-tail stock's technical setup looks promising ahead of earnings.
- Plus, the Apple rival ready to bounce; why Visa stock sunk; and Philips 66's billion-dollar buyout.
The Dow Jones Average (DJI - 35,490.69) lost 266.2 points or 0.7% for the day. Microsoft (MSFT) paced the gainers with a 4.2% rise, while Visa (V) fell to the bottom, shedding 6.9%.
The S&P 500 Index (SPX - 4,551.68) fell 23.1 points, or 0.5% for the day, while the Nasdaq Composite (IXIC - 15,235.84) tacked on 0.1 point for the day.
Lastly, the Cboe Volatility Index (VIX - 16.98) added 1 point, or 6.3% for the day.
- A new "meme token" called shiba inu just surged to a record high above $0.00006, and is close to outpacing dogecoin, as it now sits as the 11th-largest cryptocurrency. (CNBC)
- Senator Elizabeth Warren said Democrats may have to abandon paid leave as part of their wide-ranging social spending bill in an effort to reach an agreement this week, focusing instead on limited benefits for new parents with children. (MarketWatch)
- The Apple rival primed for more growth in 2022.
- What sent Visa stock to the bottom of the Dow today.
- Phillips 66 stock is sinking after a multi-billion-dollar buyout deal.
Oil Rally Cools Over EIA Update
Oil fell on Wednesday, thanks to an update from the Energy Information Administration (EIA), which reported U.S. crude inventories rose by 4.3 million barrels last week. News that the worlds powers and Iran could resume talks over a nuclear deal by the end of November, also weighed on the commodity. The most active December-dated crude contract shed $1.99, or 2.4% to settle at $82.66 a barrel.
Gold prices rose slightly, though the $1,800 area is still proving elusive. Some experts are predicting some consolidation below this level until upcoming monetary policy updates from the U.S. Federal Reserve and the European Central Bank, both due out next Wednesday, Nov. 3. December-dated gold rose $5.40, or 0.3%, to settle at $1,798.80 an ounce.