Both the S&P 500 and Nasdaq also logged wins
Despite inflationary fears driving the 10-year Treasury note to its highest level since November 2019, stocks managed to walk away with wins on Tuesday. The Dow added 371 points and scored its second-straight win, while both the S&P 500 and Nasdaq logged solid gains of their own, as traders worked through another round of corporate earnings. Meanwhile, the Cboe Volatility Index (VIX) registered its third-straight loss.
Investors largely brushed off a big jump in the U.S. trade deficit for December, as they continued to wait for the Labor Department's consumer price index (CPI), which is due out on Thursday.
Continue reading for more on today's market, including:
- Which social media stock was sold before earnings.
- Take-Two Interactive stock slips on dismal sales forecast.
- Plus, what boosted Harley-Davidson stock; solid blue-chip stock for call traders; and KO nabs fresh record.
The Dow Jones Average (DJI - 35,462.78) added 371.7 points, or 1.1% for the day. Amgen (AMGN) led the gainers with a 7.8% pop, while Chevron (CVX) paced the laggards with a 1.5% drop.
The S&P 500 Index (SPX - 4,521.54) rose 37.7 points, or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,521.54) gained 178.8 points, or 1.3% for today's session.
Lastly, the Cboe Volatility Index (VIX - 21.44) shed 1.4 points, or 6.2% for the day.
5 Things To Know Today
- Peloton (PTON) said today will replace former CEO John Foley with tech executive Barry McCarthy, while revealing plans to cut $800 million in annual costs. (CNBC)
- General Motors (GM) stock was pacing for a five-month low, after Morgan Stanley downgraded the automaker to "equal weight" and cut its price target. (MarketWatch)
- A surprise quarterly profit helped Harley-Davidson stock shift higher.
- This blue-chip stock looks like a solid opportunity for call traders.
- Coca-Cola stock nabbed a record ahead of this week's earnings.
Gold Nabs Third-Straight Win Despite Stronger U.S. Dollar
Oil prices were lower on Tuesday, hitting their lowest level in roughly one week. Traders are still monitoring nuclear deal talks between the U.S and Iran, though easing tensions at the Russia-Ukraine border were likely weighing down black gold today. March-dated crude shed $1.96, or 2,2%, to settle at $89.36 per barrel for the day.
Meanwhile, gold prices notched their third-consecutive gain and best close in roughly three weeks. The precious metal brushed off a stronger U.S. dollar and rising Treasury yields, as traders continued to bet on the Federal Reserve's interest rate hikes. In turn, April-dated gold added $6.10, or 0.3%, to close at $1,827.90 per ounce.