The Dow was over 400 points higher at its peak today
Despite an over 400-point gain at its session highs, the Dow finished only marginally higher today. The S&P 500 and Nasdaq, on the other hand, logged a fifth-straight loss, with the tech-heavy latter clocking a two-year closing low as the 10-year Treasury yield climbed near 4%. Investors are on edge ahead of the release of the producer price index (PPI) due out tomorrow, followed by September's consumer price index (CPI) on Thursday. Against this backdrop, the Cboe Volatility Index (VIX) settled at its highest level since June 13.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 29,239.19) gained 36.3 points, or 0.1% for the day. Amgen (AMGN) led the gainers, adding 5.7, while JPMorgan Chase (JPM) paced the laggards with a 2.9% loss.
The S&P 500 Index (SPX - 29,239.19) lost 23.6 points, or 0.7% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,426.19) fell 115.9 points, or 1.1% for the session.
Lastly, the Cboe Volatility Index (VIX - 33.63) added 1.2 points, or 3.6% for the session.
5 Things to Know Today
- The Labor Department's latest proposal could have gig workers reclassified as employees, impacting companies such as Uber (UBER) and DoorDash (DASH).(CNBC)
- Meta Platforms (META), formerly known as Facebook, introduced a new virtual-reality headset that will cost three times more than its prior version. (MarketWatch)
- JPMorgan Chase stock is at two-year lows before earnings.
- Somehow, analysts keep loving struggling Snowflake stock.
- Piper Sandler thinks this apparel stock could outperform.
There were no notable earnings reports today.
Oil Prices Drop as Covid-19 Cases in China Rise
Oil prices logged a second-straight day in the red on Tuesday. Recession fears, as well as concerns over slowing Chinese energy demand as Covid-19 cases in the region rise weighed on black gold. November-dated crude shed $1.78 ,or close to 2%, to close at $89.35 per barrel.
Meanwhile, gold prices settled higher, as investors set anxieties over the Fed aside to enjoy tailwinds from a weaker U.S. dollar. December-dated gold added $10.80, or 0.6%, to settle at $1,686 an ounce.