All three benchmarks logged their third-straight weekly loss
Quadruple witching Friday was as volatile as ever. Despite moving back above the key 30,000 level at its session highs, the Dow finished the day below breakeven and logged its third-straight weekly loss. The Nasdaq and S&P 500 also extended their losing streaks for a third consecutive week -- the latter logging its worst week since March 2020 -- though both indexes did settle higher for the day. Meanwhile, the Cboe Volatility Index (VIX), Wall Street's fear gauge, registered a second-straight weekly win despite falling today.
Continue reading for more on today's market, including:
- How options could help investors mitigate risk.
- Preparing for the Juneteenth stock market holiday.
- Plus, American Express stock upgraded; unpacking this streaming giant's new partnership; and HON running into resistance.
The Dow Jones Average (DJI - 29,888.78) lost 38.3 points, or 0.1%, for the day, and 4.8% for the week. American Express (AXP) led the gainers, adding 4.9%. Chevron (CVX), meanwhile, paced the laggards with a 4.8% drop.
The S&P 500 Index (SPX - 3,674.84) rose 8.1 points, or 0.2% for the day, and fell 5.8% for the week. Meanwhile, the Nasdaq Composite (IXIC - 10,798.35) gained 152.3 points, or 1.4% for the session, and dropped 4.8% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 31.13) shed 1.8 points, or 5.5% for the day, and added 12.1% for the week.
5 Things to Know Today
- Chinese President Xi Jinping said trade with Russia is expected to hit new records in the coming months, despite Western sanctions over the war in Ukraine. (CNBC)
- An investor sued Elon Musk, Tesla (TSLA), and SpaceX for $258 billion, accusing them of operating a “pyramid scheme” to inflate Dogecoin prices. (MarketWatch)
- Analyst upgrades AXP after "relentless panic selling."
- A new partnership with Walmart sent this streaming stock higher.
- Honeywell stock is now contending with a key resistance level.
Oil Prices Snap 7-Week Win Streak
Oil prices settled firmly lower on Friday, as traders became concerned an economic slowdown could lead to weaker demand amid high inflation and the Fed's hawkish stance. July-dated crude fell $8.03, or 6.8%, to settle at $109.56 per barrel. The commodity also saw 9% drop weekly drop, snapping it seven-week win streak.
Gold prices finished lower as well, as the U.S. dollar regained strength, and bond yields moved higher in response to the central bank's tighter economic policy. August-dated gold shed $9.30, or 0.5%, to close at $1,840.60 an ounce. For the week, the yellow metal saw a roughly 2% loss.