The S&P 500 also settled comfortably in the red
Big Tech pivoted lower on Thursday -- dragging all three major benchmarks with it -- as optimism in the tech sector faded in the wake of Meta Platforms' (FB) alarming earnings report. The Dow shaved off 518 points, and was joined by both the S&P 500 and Nasdaq in snapping four-day win streaks. Meanwhile, the Cboe Volatility Index (VIX) registered a second-straight gain and best day in nearly two weeks.
In other news, U.S. jobless claims for last week came in slightly below estimates. Wall Street now looks ahead to tomorrow's nonfarm payrolls data, with the 10-year Treasury yield rising in response.
Continue reading for more on today's market, including:
- This is the worst blue-chip stock to own in February.
- Penn National Gaming stock popped on a revenue beat.
- Plus, chip stock to buy on the dip; Biogen stock hits 5-year lows; and 2 sinking social media stocks.
The Dow Jones Average (DJI - 35,111.16) shaved off 518.2 points, or 0.5% for the day. UnitedHealth Group (UNH) led the five gainers today with a 1.9% pop, while Honeywell International (HON) paced the laggards with a 7.6% drop.
The S&P 500 Index (SPX - 4,477.38) shed 112 points, or 2.4%, while the Nasdaq Composite (IXIC - 13,878.82) dropped 538.7 points, or 3.7%, for today's session.
Lastly, the Cboe Volatility Index (VIX - 24.35) added 2.3 points, or 10.2% for the day.
5 Things To Know Today
- After jumping at least 50% during the pandemic, used-car prices are finally starting to show signs of softening, though they remain high at $41,121 on average. (CNBC)
- U.S. lawmakers traded $355 million worth of stock in 2021, though some are now pushing to ban congressional buying and selling of public shares. (MarketWatch)
- Why investors should add Nvidia stock stock to their portfolios.
- Biogen stock hit 5-year lows after issuing a weak sales forecast.
- Meta Platform's (FB) earnings weighed on 2 social media stocks.
Winter Storms Push Oil to More 7-Year Highs
Oil prices were higher on Thursday to notch yet another multi-year high. Fears around global supply risks, as winter storms across the U.S. threaten to impact production and increase demand, boosted black gold. March-dated oil rose $2.01, or 2.3%, to settle at $90.27 per barrel, their first time above $90 since 2014.
Meanwhile, gold prices snapped their three-day win streak. The yellow metal managed to stay above the psychologically significant $1,800 level, however, as traders waited for Friday's jobs report. April-dated gold dropped $6.20, or 0.3%, to close at $1,804.10 per ounce.