The S&P 500 and Nasdaq settled firmly lower as well
The Dow dropped 286 points on Thursday, turning negative for the year and securing a fourth-straight loss. Investors continued to mull over the Federal Reserve's 10th interest rate hike in a row, with reignited banking sector fears also weighing on sentiment. As a result, the S&P 500 and tech-heavy Nasdaq settled firmly lower, bringing their tallies up to four-straight losses as well. Meanwhile, the Cboe Volatility Index (VIX) closed at its highest level since March 27.
Continue reading for more on today's market, including:
- Checking in with Walt Disney stock before earnings.
- Sea stock could keep rallying, per this bullish signal.
- Plus, PTON backpedals; fresh high for Shopify stock; and media name catching options traders' attention.
Things to Know Today
- Johnson & Johnson’s (JNJ) consumer health spinoff Kenvue (KVUE) made its market debut on the New York Stock Exchange (NYSE) with a 20% rise. (CNBC)
- Chipmaker Qualcomm (QCOM) plummeted after revealing Apple (AAPL) sales weakness, as well as margin lows not seen in about three years. (MarketWatch)
- Peloton stock sank on wider-than-expected losses.
- How Shopify stock notched a fresh 12-month high.
- Options traders blasted media stock post-earnings.
Gold Scores Best Close Since August 2020
Oil settled slightly lower on Thursday, but managed to erase steeper losses that had the commodity trading at its lowest intraday level so far this year. June-dated crude dropped 4 cents, or roughly 0.1%, to close at $68.56 per barrel.
Gold prices finished at their highest level sine August 2020, as investors flocked to the safe-haven metal amid weakness in the U.S. dollar, recession fears, and banking sector woes. The June-dated commodity rose $18.70 or 0.9%, to close at $2,055.70 an ounce.