Recession fears continued to dominate Wall Street on Thursday, though traders also unpacked a drop in weekly jobless claims. After trading on both sides of the aisle, the Dow settled 194 points higher, while both the Nasdaq and S&P 500 also erased earlier losses to post solid gains. Meanwhile, the Cboe Volatility Index (VIX) snapped a four-day losing streak. Consumer staple stocks led the gainers, with the energy sector bearing the brunt of losses as oil prices plummeted amid demand concerns.
Continue reading for more on today's market, including:
- Why options traders blasted Rite Aid stock today.
- Beat-and-raise failed to boost this restaurant stock.
- Plus, a pre-earnings look at KMX; analyst turns bullish on WeWork stock; and unpacking KB Home's quarterly win.
The Dow Jones Average (DJI - 30,677.36) added 194.2 points, or 0.6% for the day. Salesforce (CRM) led the gainers, adding 3.3%. Caterpillar (CAT), meanwhile, paced the laggards with a 4.9% drop.
The S&P 500 Index (SPX - 3,795.73) rose 35.8 points, or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,232.19) gained 179.1 points, or 1.6% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 29.05) added 0.1 point, or 0.4% for the day.
5 Things to Know Today
- Intel (INTC) said construction of a chip factory outside of Columbus, Ohio, could be scaled back or delayed due to the stalling of the CHIPS Act in Congress. (CNBC)
- .JPMorgan Securities upgraded Snowflake (SNOW) to "overweight" from "neutral," with the firm noting the tech name has “surged to elite territory.” (MarketWatch)
- Checking in on CarMax stock before tomorrow's earnings call.
- Why Credit Suisse believes WeWork stock could double in value.
- This homebuilding stock surged after a top- and bottom-line win.
Gold Prices Extend Losses as U.S. Dollar Strengthens
Oil prices finished lower for a second-straight session on Thursday to notch another six-week closing low. Demand concerns weighed on black gold today, as traders anticipated an economic slowdown. In turn, August-dated crude dropped $1.92, or 1.8%, to settle at $104.27 per barrel.
Gold prices also settled lower, extending their losing streak for a fourth consecutive day. The precious metal took a hit after Federal Reserve Chairman Jerome Powell reiterated his commitment to fighting inflation before the House Financial Services Committee, as the U.S. dollar regained strength. August-dated gold fell $8.60, or 0.5%, to close at $1,829.80 an ounce.