The Nasdaq and Dow closed with triple-digit losses
The broader market took a fierce turn from its midday gains, with the Dow and Nasdaq finishing with substantial triple-digit losses, while the S&P 500 closed firmly lower as well. Rising bond yields put pressure on the market, after Fed Chairman Jerome Powell indicated that bigger rate hikes might be coming next month to counteract inflation. Specifically, Powell signaled a potential 50 basis point hike. The 10-year Treasury yield resumed its climb toward its 2018 highs, and is now above 2.9%.
Continue reading for more on today's market, including:
- Put traders targeting Best Buy stock amid air fryer recall.
- A look at this oil & gas name ahead of earnings.
- Plus, 3 stocks moving higher after strong quarterly results.
The Dow Jones Average (DJI - 34,792.76) fell 368 points, or 1.1% for the day. Dow (DOW) led the gainers with a 2.9% rise, while Salesforce (CRM) dropped to the bottom of the index with a 4.9% loss.
The S&P 500 Index (SPX - 4,393.66) shed 65.8 points, or 1.5%, for the day, while the Nasdaq Composite (IXIC - 13,174.65) dropped 278.4 points, or 2.1%.
Lastly, the Cboe Market Volatility Index (VIX - 22.68) added 2.4 points, or 11.6%.
5 Things To Know Today
- Mortgage rates have increased for seven-straight weeks, now rising above 5% for the first time since 2011. (Marketwatch)
- Amazon (AMZN) launched a $1 billion fund to invest in its warehouses. The first round will focus on speeding up deliveries and improving worker safety. (CNBC)
- Blackstone saw an impressive jump in profit this quarter.
- The telecommunication name at multi-month highs after earnings.
- Why Tesla stock soared higher today.
Gold Marks 3rd Consecutive Loss
Oil prices rose today, amid news that the European Union (EU) is considering ways to diminish Europe's reliance on Russian oil imports, including a possible boycott. The now most-active, June-dated contract for crude rose $1.60, or 1.6%, to settle at $103.79 a barrel.
Gold futures fell for the third-straight day, pulling back even further from Monday's five-week high. June-dated gold shed $7.40, or 0.4%, to settle at $1,948.20 an ounce.