The "fear gauge" breached 25 for the first time in almost two weeks
Following yesterday's sour session, stocks managed to rebound in a big way today, with the Nasdaq snapping its longest losing streak since 2016 and logging its best day since Aug. 10. The Dow and S&P 500 also finished higher -- the former also notching its best single-session gain since Aug. 10 -- although investors kept the possibility of another rate hike from the Fed at the forefront of their minds.
All eyes are also on Apple (AAPL), after the company held its annual September conference and revealed a slew of new products, including the iPhone 14. Elsewhere, the Cboe Volatility Index (VIX) closed below 25 for the first time in almost two weeks.
Continue reading for more on today's market, including:
- Bull signal flashing on this bank underperformer.
- What you need to know about Ford stock before buying.
- Plus, one popping social media giant; options traders blast EV stock; and Credit Suisse's latest bull note.
The Dow Jones Average (DJI - 31,581.28) surged 436 points, or 1.4% for the day. 3M (MMM) paced the winners with a 3.4% rise, while Chevron (CVX) was the worst of just two losers, sporting a 1.3% drop.
The S&P 500 Index (SPX - 3,979.87) tacked on 71.68 points, or 1.8% for the day, while the Nasdaq Composite (IXIC -11,791.90) added 247 points, or 2.1%.
Lastly, the Cboe Volatility Index (VIX - 24.64) shed 2.3 points, or 8.4% for today's session.
5 Things to Know Today
- Increasing interest rates and poor labor and supply concerns are signaling that a weak economy is likely looming, despite the Fed's Beige Book reading showing a slight increase. (MarketWatch)
- California is asking residents to reduce power and energy use, as rising temperatures takes its toll on resources across the state. (Bloomberg)
- Which social media stock popped on an analyst upgrade.
- EV stock sees options frenzy after earnings.
- Behind ChargePoint's latest bull note.
Oil Settles at Lowest Level Since January
Oil backpedaled today, brushing off Vladimir Putin's threats to cut off supply to those participating in the G7 oil cap plan. October-dated crude shed $4.94 or 5.7%, to settle at $81.94 a barrel, the lowest front-month contract settlement since Jan. 11.
Gold marked its highest close in over a week, as precious metals garnered a lift. Gains were capped, however, by a rising U.S. dollar. December-dated gold tacked on $14.90, or 0.7%, to settle at $1,727.80 per ounce.