The S&P 500 briefly turned negative for the year
The Dow shed 280 points on Wednesday for its sixth loss in seven days, and was off by as much as 725 points at its session lows. Concerns surrounding Credit Suisse's (CS) future gripped investors, although the Swiss National Bank later noted it would provide the lender with liquidity if necessary. The S&P 500 also settled sharply lower after briefly turning negative for the year, and the Nasdaq eked out a marginal win in the final half hour of trading.
There was also retail sales and inflation data for February to unpack, while Treasury yields cooled and another interest rate hike became unlikely in the face of the banking sector's woes. Elsewhere, the Cboe Volatility Index (VIX) roared back to life for its fourth win in five days.
Continue reading for more on today's market, including:
5 Things to Know Today
- Goldman Sachs (GS) lowered its economic growth forecast for 2023 as lending from small- and medium-sized banks cools amid broader financial turmoil. (CNBC)
- T-Mobile (TMUS) plans to acquire Ka’ena, the parent of prepaid brands including Ryan Reynolds’s Mint Mobile in a deal valued at up to $1.35 billion. (MarketWatch)
- Put traders had a field day with Credit Suisse stock.
- Lennar stock rallied on top- and bottom-line win.
- What last week's put spike means for the S&P 500.
Gold Prices Skyrocket as Oil Drops
Oil prices fell sharply on Wednesday, slipping below $70 region for the first time since 2021 as recession fears took hold. In addition, U.S. crude inventories rose for the 11th week in 12. April-dated crude shed $3.63, or 5.6%, to close at $67.68 per barrel on the day.
Gold prices moved higher, on the other hand, to close at their highest level in six weeks. Reignited concerns surrounding the banking sector contributed to the precious metal's rise today. April-dated gold added $20.40, or 1.1%, to settle at $1,931.30 per ounce.