The Dow snapped a 5-day losing streak
Stocks snapped out of the rut they had been in since SVB Financial Group's (SIVB) failure on Tuesday. Investors bet on the worst being over as they rotated back into regional bank stocks and weighed inflation data in line with expectations.
The Dow added 336 points for its first win in six sessions, while the S&P 500 snapped a three-day losing streak and the Nasdaq tacked on triple digits as well. Elsewhere, the Cboe Volatility Index (VIX) marked its worst single-day percentage drop since Jan. 12.
Continue reading for more on today's market, including:
- Dismal forecast weighed on GitLab stock.
- Promising blue-chip stock for options bears.
- Plus, Match stock upgraded; bank sector bounces back; and buy the dip on NUE.
5 Things to Know Today
- Moody’s cut its view on the entire banking system to "negative" from "stable" due to a ”rapidly deteriorating operating environment" despite regulators' efforts. (CNBC)
- Meta Platforms (META) CEO Mark Zuckerberg announced a new round of layoffs expected to impact 10,000 workers amid "new economic reality". (MarketWatch)
- Tinder parent could be a value stock.
- 3 regional bank stocks that staged a comeback today.
- Don't sweat Nucor stock's latest pullback.
Gold Prices Move Lower as U.S. Dollar Rises
Oil prices fell again on Tuesday to their lowest spot year-to-date, as banking industry concerns and the impact a potential crisis could have on the economy lingered. April-dated crude dropped $3.47, or 4.6%, to close at $71.33 per barrel on the day.
Meanwhile, gold prices finished modestly lower as the greenback regained some of its strength and Treasury yields pivoted higher. Traders were also unpacking the latest inflation data. April-dated gold fell $5.60, or 0.3%, to close at $1,910.90 per ounce.