Both the S&P 500 and Dow snapped a more than weeklong losing streak
All three major indexes managed to log a session win, as the Dow and S&P 500 each snapped a six-day losing streak. The tech-heavy Nasdaq managed a second consecutive day in the black, while investors kept an eye on the now retreating 10-year Treasury yield, following its Tuesday surge above 4%. Moving against the grain today was Apple (AAPL), which suffered a notable pullback after adjusting production output for its iPhone 14 model.
Continue reading for more on today's market, including:
- Options traders blast BlackBerry stock after earnings.
- Chip stock that just tripled money for subscribers.
- Plus, what to expect from struggling Etsy stock; behind Boeing's bounce; and today's surging pharma giant.
The Dow Jones Average (DJI - 29,683.74) jumped 548.8 points, or 1.9% for the session. Home Depot (HD) led the winners with a 5% rise, while AAPL was the only loser, suffering a 1.3% drop.
The S&P 500 Index (SPX - 3,719.04) climbed 71.8 points, or 2%, while the Nasdaq Composite (IXIC - 11,051.64) added 222.1 points, or 2.1%.
Lastly, the Cboe Volatility Index (VIX - 30.18) shed 2.4 points, or 7.4%, today.
5 Things to Know Today
- An Apple store location in Oklahoma is scheduled to vote next month on whether or not it wants to become the company's second location to join the Communications Workers of America, making it a unionized workforce. (Bloomberg)
- The U.S. Food & Drug Administration (FDA) is working on a label that will help consumers identify packaged foods as "healthy," based on a set of nutritional guidelines, with the aim to reduce chronic diseases. (Reuters)
- Struggling Etsy stock could see October upside.
- Behind Boeing stock's bounce following a long-term tumble.
- Pharma stock that saw a significant surge today.
Oil, Gold Continue Climb
As output slowed due to the approach of Hurricane Ian in the Gulf of Mexico, oil settled the session higher. November-dated West Texas Intermediate (WTI) crude rose $3.65, or 4.7%, to settle at $82.15 a barrel.
Gold managed to hit a nearly one-week peak, as both the 10-year Treasury yield and greenback inched lower. December-dated gold climbed $33.80, or 2.1%, to settle at $1,670 per ounce.