Rising Bond Yields Pressure Wall Street Lower

A back-and-forth session ultimately saw Wall Street finish lower, as rising bond yields dampened investor sentiment. Despite upbeat consumer confidence data, the Dow and S&P 500 snapped three-day win streaks, while the tech-heavy Nasdaq also landed firmly in the red. Nevertheless, the Cboe Volatility Index (VIX) tagged its third-straight loss and closed below the psychologically-significant 20 level for the first time in nearly three weeks.

Continue reading for more on today's market, including:

• Options bulls should consider this semiconductor stock.
• Unpacking this blue-chip pharma giant's quarterly report.
• Plus, Alibaba's big announcement; biotech stock breaks out; and PARA's bull note.

5 Things to Know Today 

1. Federal prosecutors alleged Sam Bankman-Fried, co-founder of defunct FTX, bribed at least one Chinese government official. (CNBC)
2. Amazon.com (AMZN) is reportedly interested in buying AMC Entertainment (AMC). (MarketWatch)
3. Alibaba stock options surge after big announcement.
4. Upbeat drug trial data boosts biotech stock.
5. Paramount Global stock earned analyst praise.

Oil Nabs Another 2-Week High as Bank Worries Ease

Oil futures marked their highest close in more than two weeks, with May-dated crude adding 39 cents, or 0.5%, to settle at $73.20 per barrel. Black gold prices were boosted by waning banking fears, bolstered Chinese energy demand, and a short-term-oil-supply disruption.

Following back-to-back losing sessions, gold prices snapped back Tuesday thanks to easing banking worries. April-dated gold popped $19.70, or 1%, to settle at $1,973.50 per ounce.