The Dow gave back solid midday gains
Big Tech dragged the broader market lower today, as investors rotated out of high-growth stocks and worked through worse-than-expected jobless data. The Dow reversed gains to register a 29-point drop, despite earlier logging session highs of over 200 points. The S&P 500 and Nasdaq settled deep into the red as well, with the latter logging its worst daily drop since Sept. 28. Against this backdrop, Wall Street's "fear gauge," the Cboe Volatility Index, snapped back from a nearly three-week intraday low to finish the day higher.
Continue reading for more on today's market, including:
- This semiconductor stock is a hit with options bulls.
- New analyst attention boosted AT&T stock.
- Plus, Lennar's disappointing quarter; why this biotech name surged; and Petco stock pops on fresh coverage.
The Dow Jones Average (DJI - 35,897.64) fell 29.8 points, or 0.08% for the day. Verizon Communications (VZ) led the gainers, adding 4.4%, while Apple (AAPL) paced the laggards with a 3.9% fall.
The S&P 500 Index (SPX - 4,668.67) shed 41.2 points, or 0.9% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,180.44) shaved off 385.2 points, or 2.5% for the day.
Lastly, the CBOE Volatility Index (VIX - 20.57) added 1.3 points, or 6.6% for the day.
- A Hong Kong University study showed the Covid-19 omicron strain replicates 70 times faster in human airways, but lung infection appears less severe. (CNBC)
- Bank of America upgraded Apple (AAPL) to "buy" from "neutral," noting the tech concern may be working on an augmented reality headset that could create tailwinds. (MarketWatch)
- Options traders eyed Lennar stock after an earnings miss.
- This biotechnology stock surged following a multi-million trade.
- Fresh coverage had Petco stock clawing back from record lows.
Oil, Gold Prices Notch Three-Week Highs
Oil prices settled at their highest level in three weeks on Thursday. Fading concerns over coronavirus-related restrictions in Europe, as well as tensions between Russia and Ukraine, contributed to the commodity's rise. In turn, January-dated crude added $1.51, or 2.1%, to finish at $72.38 per barrel.
Gold prices also settled near a three-week high. The yellow metal also enjoyed less speculation regarding the Fed's next move, though a a weaker U.S. dollar was behind today's positive price action. In response, February-dated gold rose $33.70, or 1.9%, to close at $1,798.20 per ounce.