Cooling bond yields fueled today's optimism
Stocks settled firmly higher on Wednesday, as investors bet on a bank sector recovery and tech stocks rallied. Cooling bond yields inspired some of this optimism, with the 10-year Treasury note falling to 3.6%.
The Dow added 323 points and closed near its session highs, scoring its fourth win in five sessions alongside the S&P 500, which saw more modest gains. The tech-heavy Nasdaq also notched a triple-digit win. Wall Street's fear gauge, the Cboe Volatility Index (VIX), logged its fourth-straight loss.
Continue reading for more on today's market, including:
- EV stock stalled despite layoffs.
- Why options bulls targeted this silicon battery stock.
- Plus, 3 of today's top analyst calls.
5 Things to Know Today
- Apple's (AAPL) week-long annual developer’s conference will kick off on June 5, and could bring the tech name's virtual and augmented reality headset. (CNBC)
- The Biden administration today announced a new strategy to meet the goal of expanding offshore wind energy to 30 gigawatts by 2030. (MarketWatch)
- Lululemon stock earned a slew of post-earnings bull notes.
- Brokerage called Medtronic's growth potential into question.
- Analyst says recession could weigh on Foot Locker stock.
Gold, Oil Prices Move Lower
Oil futures settled lower on Wednesday, reversing earlier gains that came after the Energy Information Administration (EIA) reported this year's biggest weekly dip in U.S. crude supplies so far. May-dated crude shed 23 cents, or 0.3%, to close at $72.97 per barrel.
Gold prices finished lower as well, as investors weighed the potential for more bank bailouts and a potential recession. June-dated gold fell $5.90, or 0.3%, to settle at $1,984.50 per ounce.