January's inflation report disappointed investors
Stocks fell sharply today, with the Dow logging its fourth-straight weekly loss after January's inflation report showed a hotter-than-expected increase in prices. The S&P 500 marked its third-straight weekly loss and worst weekly percentage drop since Dec. 9, while the Nasdaq finished in the red for the week as well, as investors continue to mull over how the Federal Reserve will react to inflation data going forward.
Continue reading for more on today's market, including:
- A look at our biggest President's Day week prediction.
- Warner Bros stock shook off lackluster fourth-quarter results.
- Plus, BKNG's new all-time high; DOJ challenges Adobe; and an REIT for options bears.
5 Things to Know Today
- The Supreme Court is hearing two cases against U.S. President Joe Biden's student loan forgiveness policy. (CNBC)
- For another week, Ford (F) is extending its electric pickup truck production pause. (MarketWatch)
- Booking stock hit a new record for monthly room bookings.
- Looming Justice Department challenge dings Adobe stock.
- Why options bears love this REIT.
Gold Logs Fourth-Straight Weekly Loss
April-dated crude futures rose 93 cents, or 1.2%, to close at $76.32 per barrel, eking out a marginal 0.3% weekly win. Support rolled in as investors weighed Russia's supply and China's demand.
Gold prices fell for a fourth-straight week. For the session, April-dated gold futures shed $9.70, or 0.5%, to settle at $1,817.10, moving 1.8% lower for the week. January's PCE report gave investors pause, as futures rate hikes and monetary policy could impact gold.