The Dow has logged four-straight weekly losses
The major benchmarks ended a wacky week of trading with a whimper. The Dow shed 59 points for its fourth-straight weekly loss, while the S&P 500 and tech-heavy Nasdaq fell sharply as well, for their second-straight week in the red. Amid this sharp correction, the Cboe Volatility Index (VIX) scored its third-straight weekly win and toppled the 35 level earlier in the day for the first time since Jan. 29.
The omicron strain once again cast a pall over Wall Street, though today's price action was exacerbated by a lackluster nonfarm payrolls report. Reopening stocks, especially those in the travel sector, were among the hardest-hit, after doctors predicted omicron could "dominate and overwhelm" in the next few months.
Continue reading for more on today's market, including:
- Fresh coverage couldn't get Peloton stock going again.
- See why DocuSign stock was in the Nasdaq's basement today.
- Plus, a tech stock bucking the broad market selloff; NIO's new headwinds; and the pizza chain for options bulls.
The Dow Jones Average (DJI - 34,580.08) fell 59.7 points, or 0.2% for the day, and 0.9% for the week. Walgreens Boots Alliance (WBA) led the gainers, adding 4.3%, while Microsoft (MSFT) paced the laggards with an 2% drop.
The S&P 500 Index (SPX - 4,538.43) shed 38.7 points, or 0.8% for the day, and 1.1% for the week. Meanwhile, the Nasdaq Composite (IXIC - 15,085.47) lost 295.9, or 1.9% for the day, and 2.6% for the week.
Lastly, the CBOE Volatility Index (VIX - 30.67) added 2.7 points, or 9.7% for the day, and 7.4% for the week.
- Almost 2.2 million Covid-19 vaccine shots were administered over a 24-hour period that ended on Thursday -- the largest single-day total since May -- following omicron variant reports. (CNBC)
- Alphabet (GOOGL) is pausing plans to bring workers back to the office on Jan. 10 due to the omicron variant, noting it will revisit the decision in 2022. (MarketWatch)
- One tech stock that defied the sector selloff.
- Nio stock sank after China-based counterpart looked to delist.
- Even after today, this pizza stock looks like a solid bet for options bulls.
Oil Prices Log Daily, Weekly Losses on Lingering Fears
Oil prices settled lower on Friday, while also logging their sixth-straight weekly drop. Fears regarding the omicron variant and the impact it may have on demand were largely to blame for today's negative price action. In turn, January-dated crude fell 0.4%, or 24 cents, to close at $66.26 per barrel, while also registering a 2.8% weekly loss.
Meanwhile, gold prices settled higher today, but still walked away with a 0.1% loss for the week. Disappointing jobs data for November gave the shiny metal a leg up, though investors are still concerned about deflation. For the day, February-dated gold added $21.20, or 1.2% to close at $1,783.90 per ounce.