The Nasdaq and S&P 500 also settled sharply lower
Inflation data was in the spotlight on Thursday, after the consumer price index (CPI) marked its biggest jump since 1982. The Dow finished 526 points lower, snapping its three-day win streak as the 10-year Treasury yield surged above 2% -- its highest level since August 2019. Both the Nasdaq and S&P 500 settled deep in the red as well, taking a turn for the worse after St. Louis Federal Reserve President James Bullard said a roughly 50-point interest rate hike in March is not out of the question. The Cboe Volatility Index (VIX), however, logged is best single-day percentage gain since November.
Continue reading for more on today's market, including:
- Expedia stock scored a pre-earnings record high today.
- Options bulls blasted Walt Disney stock on a revenue win.
- Plus, why Mattel stock was eyeing multi-year highs; unpacking this software stock's pop; and behind BTU's options surge.
The Dow Jones Average (DJI - 35,241.59) fell 526.5 points, or 1.5% for the day. Walt Disney (DIS) led the four gainers with a 3.4% pop, while Amgen (AMGN) paced the laggards with a 3.5% drop.
The S&P 500 Index (SPX - 4,504.08) shed 83.1 points, or 1.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,185.64) lost 304.7 points, or 2.1% for today's session.
Lastly, the Cboe Volatility Index (VIX - 23.91) added roughly 4 points, or 19.8% for the day.
5 Things To Know Today
- Chinese electric vehicle maker Xpeng will open its first retail store in Europe this week, and has struck retail partnerships in Sweden and the Netherlands. (CNBC)
- A new report shows the average household is spending an extra $3,000 a year due to high inflation, with middle-aged Americans shelling out even more. (MarketWatch)
- Mattel stock was eyeing five-year highs after its earnings beat.
- Upbeat quarterly results pushed this software stock higher.
- Breaking down Peabody Energy stock's options surge.
Gold Prices Mark Longest Win Streak Since November
Oil prices scored a second-straight win on Thursday, after new data revealed a surprise decline in U.S. crude inventories. Black gold was also able to brush off hot inflation data, though prices still settled slightly below the $90 level. March-dated crude rose 22 cents, or 0.3%, to settle at $89.88 per barrel for the day.
Gold prices also edged higher to score their fifth-straight win and mark their longest win streak since November. Traders flocked to the safe-haven commodity following the CPI's release. As a result, April-dated gold added 80 cents, or 0.1%, to close at $1,837.40 per ounce.