All three indexes closed at their session lows
Stocks logged another dismal session on Thursday, as investors eyed tomorrow's consumer price index (CPI) for May and digested worse-than-expected jobless claims data. Investors are particularly worried about the repercussions the inflation data may have on interest rates, amid soaring energy prices and persistent supply chain issues.
The Dow settled 638 points lower, while both the Nasdaq and S&P 500 saw their own steep losses. All three major benchmarks clocked their session lows at the close, as well as a second-straight day in the red. Meanwhile, the Cboe Volatility Index (VIX) scored its best single-day percentage jump since May 18.
Continue reading for more on today's market, including:
- Electric vehicle stock takes a post-earnings tumble.
- Bull note fails to prop up Freeport-McMoRan stock.
- Plus, bearish signal flashing for Redfin stock; dismal forecast weighs on FIVE; unpacking this retailer's quarterly results.
The Dow Jones Average (DJI -32,272.79) dropped 638.1 points, or 1.9%, for the day. Home Depot (HD) was the only gainer, adding 0.8%. Boeing (BA), meanwhile, paced the laggards with a 4.2% drop.
The S&P 500 Index (SPX - 4,017.82) shed 98 points, or 2.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,754.23) lost 332.1 points, or 2.8% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 26.09) added 2.1 points, or 8.9% for the day.
5 Things to Know Today
- Stitch Fix (SFIX) plummeted after the company reportedly laid off 15% of salaried positions, or roughly 330 people, amid supply chain and demand issues. (CNBC)
- The Professional Golfers' Association (PGA) Tour has suspended Dustin Johnson, Phil Mickelson, and others who joined the Saudi Arabia-backed LIV golf league. (MarketWatch)
- Redfin stock is contending with a historically bearish trendline.
- Analysts turned bearish on Five Below stock after a dismal forecast.
- How Ollie's Bargain Outlet stock brushed off a quarterly earnings miss.
Gold Settles Lower After ECB Interest Rate Hike
Oil prices took a breather on Thursday in the wake of yesterday's three-month high, but still settled above the $120 mark. Tightening gasoline supplies and strong demand for fuel in the U.S. continued to support black gold, even amid record prices at the pump. July-dated crude shed 60 cents, or 0.5%, to settle at $121.51 per barrel.
Gold prices settled lower as well, after the European Central Bank (ECB) announced plans to raise interest rates in July for the first time in over 10 years. The ECB also threatened to hike rates by a half point in September, if inflation in the region does not show signs of receding. A stronger U.S. dollar weighed on the yellow metal as well. August-dated gold shed 0.2%, or $3.70, to close at $1,852.80 an ounce.