The S&P 500 and Nasdaq settled lower as well
Stocks only deepened their losses this afternoon, with disappointing 12-month inflation expectations and consumer confidence data weighing on investor sentiment. The Dow settled 491 points lower, despite being up over 440 points at its session highs. The S&P 500 and Nasdaq also registered steep losses of their own, as retail and semiconductor stocks took a beating. In other news, big bank names including Morgan Stanley (MS) and Goldman Sachs (GS) hiked their dividends after passing the Federal Reserve's stress test.
Continue reading for more on today's market, including:
- Ford Motor stock is popular among options bears.
- Is this a bottom for struggling Snowflake stock?
- Plus, Walgreens' sales update; Nike's post-earnings reaction; and a pre-earnings look at this chip stock.
The Dow Jones Average (DJI - 30,946.99) dropped 491.3 points, or 1.6% for the day. Chevron (CVX) led the gainers, adding 2.4%. Nike (NKE) paced the laggards with a 7% drop.
The S&P 500 Index (SPX - 3,821.55) shed 78.6 points, or 2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,181.54) lost 343 points, or 3% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 28.36) added 1.4 points, or 5.2% for the day.
5 Things to Know Today
- Chinese electric vehicle (EV) name Li Auto (LI) plans to raise $2 billion from U.S. investors through an “at-the-market” stock offering to develop new models. (CNBC)
- FTX CEO Sam Bankman-Fried said the crypto exchange platform is not having active mergers and acquisition talks with Robinhood (HOOD) .(MarketWatch)
- Why Walgreens Boots Alliance abandoned U.K. business sale.
- Nike stock brushed off a quarterly win following a weak forecast.
- Checking in with this semiconductor stock ahead of earnings.
Oil Prices Rise as China Eases Covid-19 Restrictions
Oil prices were higher on Tuesday to notch their third-straight win. Boosting black gold today was the easing of China's zero-Covid policy, as well as news that the United Arab Emirates and Saudi Arabia are "producing near capacity." In turn, August-dated crude added $2.19, or 2%, to settle at $111.76 per barrel.
Gold prices closed at their lowest level in roughly two weeks. Disappointing consumer confidence data weighed on the precious metal. August-dated gold fell $3.60, or 0.2%, to close at $1,821.20 an ounce.