Stocks pared their earlier deficits after this morning's hotter-than-expected consumer price index (CPI) reading sent the market reeling. Investors mused over the Fed's stance on rate hikes as well as an uptick in Treasury yields. The Nasdaq climbed into positive territory by the end of the day, while S&P 500 finished flat, and the Dow closed in the red. Tomorrow, Wall Street will be eyeing January retail sales data.
Continue reading for more on today's market, including:
- Pinterest stock flashes historic bull signal.
- Cybersecurity stock pops on analyst praise.
- Plus, checking in with Coca-Cola after earnings; analyst sees entry point for OXY; and SPX trendlines to watch.
5 Things to Know Today
- How tensions between the U.S. and China over the alleged spy balloons are impacting supply chains. (CNBC)
- The rescue phase is "coming to a close" after the devastating earthquake in Turkey and Syria. (MarketWatch)
- Options bulls targeted Coca-Cola stock leading up to its report.
- Analyst sees hefty upside for this oil stock.
- A look at SPX technicals after last week's pullback.
Gold Futures Bounce Off Monday's Low
Oil futures posted its first session loss in three, with March-dated West Texas Intermediate crude dropping $1.08, or nearly 1.4%, to settle at $79.06 a barrel. News that the U.S. Energy Department will release 26 million barrels of oil from the Strategic Petroleum Reserve in 2023 put pressure on the commodity.
Gold prices rose after yesterday's tumble to a five-week low. April-dated gold added $1.90, or 0.1%, to settle at $1,865.40 per ounce.