The S&P 500 and Nasdaq both logged new annual lows today, however
April's downpour of volatility is extending into May, as the first trading day of the new month saw wild swings on Wall Street. The Dow was down more than 500 points at its session lows, but ultimately settled with an 84 point win. Meanwhile, the Nasdaq and S&P 500 both hit new lows for 2022, though a stunning comeback saw the former finish with a triple-digit win, while the latter also closed above breakeven. Looking ahead, traders await a monetary policy statement from the Federal Open Market Committee (FOMC) slated for Wednesday, and the subsequent press conference from the Fed Chair Jerome Powell.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 33,061.50) added 84.3 points, or 0.3% for the day. Intel (INTC) led the list of Dow winners today, adding 3.1%, while Coca-Cola (KO) shed 1.8% to pace the laggards.
The S&P 500 Index (SPX - 4,155.38) rose 23.5 points, or 0.6% for the day, and the Nasdaq Composite (IXIC - 12,536.02) gained 201.4 points, or 1.6% for the day.
Lastly, the Cboe Market Volatility Index (VIX - 32.34) shed 1.1 point, or 3.2% for the day.
5 Things To Know Today
- Germany, Moscow's biggest energy customer, said it is prepared to back the European Union's (EU) embargo on Russian oil. (Reuters)
- The Biden administration said it will speed up funding for U.S.-made lithium ion batteries used in electric vehicles. (MarketWatch)
- Why Wedbush removed Amazon.com stock from its Best Ideas List.
- Behind Moderna's latest hopes for its Covid-19 vaccine.
- Schaeffer's Senior V.P. of Research Todd Salamone expects the SPX's rally to be short.
Gold Futures Add to April's Losses
Oil prices struggled in the wake of China's lackluster economic data, which showed manufacturing activity hitting a six-month low in April amid renewed Covid-19 lockdowns. However, in the last moments of trading, June-dated crude managed to add 48 cents or 0.5%, to close at $105.17 per barrel.
Extending April's dip, gold futures settled lower on Monday, hitting their lowest level in nearly two-months. In fact, June-dated gold shed $27.70, or 2.5% -- its biggest daily percentage decline since March 9 -- to settle at $1,863.60 an ounce.