The S&P 500 and Nasdaq snapped their win streaks
The Dow managed to secure a small win on Monday, despite a volatile final hour of trading. The Nasdaq and S&P 500 moved lower, however, with the former turning in significant losses as the tech sector struggled. Investors appear to be brushing off a strong earnings season, in which 76% of S&P 500 names have so far beat revenue estimates.
All eyes are now on Thursday's inflation report. Investors still have plenty of earnings to unpack before then, though, with reports from Walt Disney (DIS) and Coca-Cola (KO) on deck, while Take-Two Interactive (TTWO) just stepped into the earnings confessional.
Continue reading for more on today's market, including:
- Options traders blasted Peloton stock on buyout rumors.
- This airline stock soared after announcing a new merger.
- Plus, what boosted Bumble stock; analyst turns bullish on SNOW; and unpacking Chipotle stock's pre-earnings dip.
The Dow Jones Average (DJI - 35,091.13) added 1.4 points, or was flat for the day. Boeing (BA) led the gainers today with a 2.7% pop, while Microsoft (MSFT) paced the laggards with a 1.6% drop.
The S&P 500 Index (SPX - 4,483.87) fell 16.7 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,015.67) shaved 82.3 points, or 0.6% for today's session.
Lastly, the Cboe Volatility Index (VIX - 22.86) shed 0.4 point, or 1.6% for the day.
5 Things To Know Today
- Amazon (AMZN) more than doubled its maximum base salary rate for corporate workers to $350,000 citing the competitive labor market as a driving factor. (CNBC)
- Meta Platforms (FB) threatened to shut down Facebook and Instagram in Europe, amid an ongoing data-transfer dispute with European regulators. (MarketWatch)
- Bumble stock popped after on the heels of its first-ever acquisition.
- A Morgan Stanley upgrade had Snowflake stock swinging higher.
- Chipotle stock pivoted lower ahead of its quarterly earnings report.
Oil Prices Dip Amid U.S.-Iran Nuclear Deal Talks
Oil prices were lower on Monday, amid reports that the U.S. and Iran seem to be making progress towards a nuclear deal, after the White House waived sanctions on some of Iran's civilian nuclear activities. March-dated crude fell 99 cents, or 1.1%, to settle at $91.32 per barrel for the day.
Meanwhile, Gold prices notched their best session in roughly three weeks. The yellow metal's pop came about amid swirling inflation concerns, as the Federal Reserve plans this year's interest rate hikes. In response, April-dated gold added $14, or 0.8%, to close at $1,821.80 per ounce.