The S&P 500 is mired in a five-day skid of its own
What was briefly a promising session on Wall Street ultimately ended in the red again. The Dow shed roughly 151 points for its fifth-straight triple-digit loss, while the S&P 500 edged itself deeper into bear market territory for its worst close since January 2021. The only reprieve of the day was the Nasdaq, which settled slightly above breakeven after earlier logging a fresh 19-month low. Fears over a 75 basis-point interest rate hike tomorrow are crippling investor sentiment and driving the 10- and 2-year Treasury yields higher.
Continue reading for more on today's market, including:
- How FedEx stock won the day.
- Oil stock could reclaim former highs.
- Plus, petrol giant gets massive buyout offer; ORCL's post-earnings surge; and Best Buy stock's technical woes worsen.
The Dow Jones Average (DJI - 30,364.83) dropped 151.9 points, or 0.5%, for the day. Boeing (BA) led the gainers, adding 5.4%. Procter & Gamble (PG), meanwhile, paced the laggards with a 3.1% drop.
The S&P 500 Index (SPX - 3,735.48) shed 14.2 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,828.35) added 19.1 points, or 0.2% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 32.69) shed 1.3 points, or 3.9% for the day.
5 Things to Know Today
- Redfin (RDFN) and Compass (COMP) announced 8% and 10% workforce cuts, respectively, as home sales continue to fall in light of rising interest rates. (CNBC)
- Apple (AAPL) secured a deal to exclusively stream every live Major League Soccer (MLS) game over the next decade, beginning in 2023, on Apple TV. (MarketWatch)
- Continental Resources just received a $25.41 billion offer.
- Strong cloud demand helped Oracle stock surge after earnings.
- Not much going right for Best Buy stock.
Gold Prices Lower as U.S. Dollar Strengthens
Oil prices were lower on on Tuesday, erasing earlier gains following a Bloomberg report that a U.S. Senator could be planning to propose a federal surtax on oil companies in an effort to contain inflation. July-dated crude fell $2, or 1.7%, to settle at $118.93 per barrel.
Gold prices took a hit as well, closing at their lowest level in over a month. Weighing on the precious metal was the U.S. dollar, which continued to gain strength amid rising bond yields and the potential for higher interest rates. As a result, August-dated gold shed $18.30, or 1%, to close at $1,813.50 an ounce.