The embattled bank sector is back under scrutiny
Wall Street largely brushed off a cooler-than-expected producer price index (PPI) reading for April, as Walt Disney (DIS) struggled after earnings and PacWest Bancorp (PACW) put the embattled banking sector back under scrutiny. The Dow fell over 221 points to mark a fourth-straight loss, while the S&P 500 settled slightly below breakeven as well. Meanwhile, the Nasdaq was higher to register its fourth gain in the last five sessions.
Continue reading for more on today's market, including:
- Why Norfolk Southern stock scored an upgrade.
- Checking on this blue-chip stock before earnings.
- Plus, 2 pharma stocks to watch; bears blast DIS; and Northern Oil & Gas stock could surge.
Things to Know Today
- JPMorgan Chase (JPM) CEO Jamie Dimon warned markets will be in a state of panic as the U.S. gets closer to a possible default on its sovereign debt. (CNBC)
- Adidas will sell millions of unsold Yeezy pairs and donate the proceeds, after dissolving its deal with Kanye West due to anti-Semitic remarks. (MarketWatch)
- These 2 pharma stocks enjoyed FDA tailwinds today.
- Walt Disney stock drew put traders despite quarterly win.
- Massive rally could be in store for Northern Oil & Gas stock.
Oil Prices Fall on Energy Demand Concerns
Oil prices fell on Thursday, as recession fears gripped investors and sparked concerns over energy demand. June-dated crude dropped $1.69, or 2.3%, to close at $70.87 per barrel.
Gold prices also settled lower, as the U.S. dollar gained strength and traders unpacked the latest inflation data. June-dated gold shed $6.60, or 0.8%, to close at $2,020.50 an ounce.