The Dow added a whopping 424 points today
Stocks wrapped up a week of upbeat inflation data with a bang. The Dow extended its midday gains to finish 424 points higher, and nabbed a solid weekly gain. The Nasdaq and S&P 500 settled comfortably in the black as well, extending their gains for a fourth-straight week -- their longest weekly win streak since November. A wider-than-expected drop in U.S. import prices fueled optimism, while the University of Michigan's (UM) one-year inflation expectations inched lower. Elsewhere, the Cboe Volatility Index (VIX) saw its eighth consecutive week in the red.
Continue reading for more on today's market, including:
- Why Honest stock brushed off a quarterly revenue jump.
- Analysts blasted Illumina stock with post-earnings bear notes.
- Plus, weed stocks in the spotlight; Morgan Stanley turns bullish on WMT; and unpacking Poshmark's dismal results.
The Dow Jones Average (DJI - 33,761.05) rose 424.4 points, or 1.3% for the day, and 2.9% for the week. Walt Disney (DIS) led the gainers, adding 3.3%. Johnson & Johnson (JNJ) was the only loser, falling 1.1%.
The S&P 500 Index (SPX - 4,280.15) added 72.9 points, or 1.7% for the day, and 3.2% for the week. The Nasdaq Composite (IXIC - 13,047.19) gained 267.3 points, or 2.1% for the session, and 3% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 19.53) shed 0.7 point, or 3.3% for the day, and 7.7% for the week.
5 Things to Know Today
- Peloton (PTON) is cutting about 780 jobs, closing several stores, and hiking the price of some equipment in an effort to cut costs and become profitable. (CNBC)
- The Federal Bureau of Investigation (FBI) recovered 11 sets of classified documents from former U.S. President Donald Trump Mar-a-Lago estate. (Wall Street Journal)
- Diving into this week's slew of cannabis names' financial results.
- Morgan Stanley says Walmart's profit warning may be overblown.
- Quarterly sales outlook weighed on Poshmark stock after earnings.
Gold Prices Score 4th-Straight Weekly Win
Oil futures were lower on Friday, but still notched a 3.5% weekly win as traders became less worried about a potential recession hurting demand for black gold. Still, reports that supply disruptions in the Gulf of Mexico won't last weighed on the commodity. In turn, September-dated crude fell $2.25, or 2.4%, to settle at $92.09 per barrel for the day.
Gold prices edged higher to extend their win streak for a fourth consecutive week -- the longest since December. This week's round of economic data, which pointed to cooling inflation, boosted the commodity, which was also enjoying tailwinds from a weaker U.S. dollar. December-dated gold rose $8.30, or 0.5%, to close at $1,815.50 an ounce, and added 1.3% for the week.