All three benchmarks hit fresh annual lows
Wall Street logged its worst close of 2022, after all three benchmarks earlier hit 52-week lows. The 10-year Treasury yield once again soared to its highest level since 2018, while rising interest rates -- amid increasing recession fears -- dented major technology names as well as consumer stocks.
Fresh off its sixth-straight weekly loss, the Dow today logged its third-consecutive daily drop after falling more than 650 points. Meanwhile, the S&P 500 plunged below 4,000 for the first time in over a year, closing deep in the red alongside the tech-laden Nasdaq. Each also scored their third-straight session of losses, while the Cboe Market Volatility Index (VIX) finished at its highest level since March 8.
Continue reading for more on today's market, including:
- Why now is the time to buy Mr Cooper stock.
- This mining name is a favorite for options traders.
- Plus, Ford offloads EV shares; BioNTech reiterates guidance; and 3 resistance levels to watch.
The Dow Jones Average (DJI - 32,245.70) shed 653.7 points, or 2% today. Of the Dow components, seven walked away with a win today, led by 3M's (MMM) 1.9% pop. Boeing (BA) shed 10.5%, far and away the worst blue-chip performer today.
The S&P 500 Index (SPX - 3,991.24) fell 132.1 points, or 3.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,623.25) lost 521.4 points, or 4.3% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 34.75) rose 4.6 points, or 15.1%.
5 Things to Know Today
- Russian President Vladimir Putin is reportedly creating a team to handle terms for transactions with "unfriendly" states. (Reuters).
- U.S. President Joe Biden has helped eligible U.S. households obtain internet plans that cost $30 a month or less. (MarketWatch)
- Why Ford sold its shares of this EV maker.
- BioNTech stock inches higher after earnings.
- Schaeffer's Senior V.P. of Research Todd Salamone has 3 resistance levels for traders to watch.
Oil Sheds More Than 6% To Begin Week
Oil prices suffered a sharp dive to start off the week, dragged lower by China's weak trade data and Wall Street's ongoing selloff. For the session, June-dated crude shed $6.68, or 6.1%, to close at $103.09 per barrel.
Gold futures tumbled as well, logging their worst day in a week, as investors flocked to the precious metal for safety from the Federal Reserve's boosted interest rates. Specifically, June-dated gold dipped $24.20, or 1.3%, to settle at at $1,858.60 an ounce today.