All three indexes suffered steep weekly losses
Wall Street resumed its grim performance despite the S&P 500 and Nasdaq's brief reprieve yesterday. The Dow suffered its fifth consecutive daily drop, while all three indexes logged steep weekly losses. The Nasdaq snapped its eight-week win streak, which was its longest weekly win streak since March 2019, while the S&P let go of five weeks of gains.
Renewed recession fears and a continued lift in inflation levels jilted investor sentiment today, with most eyes focused on tech and artificial intelligence (AI) stocks. The Cboe Volatility Index (VIX) managed to eke out a daily win, though it still logged its fourth-straight weekly loss.
Continue reading for more on today's market, including:
- Biotech stocks ripe for a short squeeze.
- Breaking down Wall Street's lackluster trading week.
- Plus, Cincy earnings roundup part 2; retailer riding on peer's bankruptcy; and analyst slams UAA.
5 Things to Know Today
- “[S]ubstantial increase in failure rates of wind turbine components” has sent Siemens Energy shares lower in Germany, after the news caused the company to trash its latest profit outlook. (CNBC)
- The Food and Drug Administration (FDA) has recalled several types of frozen fruit, due to possible exposure to Listeria monocytogenes, a serious bacteria that can be fatal to at-risk populations. (MarketWatch)
- Latest earnings roundup of Cincinnati-based stocks.
- Retail giant winning on Bed Bath & Beyond's bankruptcy.
- Activewear name suffered steep losses after downgrade.
Gold Logs Worst Week Since October
Oil continued its string of daily losses as commodity investors worried of a slowing economic outlook. August-dated crude shed $1.07, or 1.5%, to close at $68.44 per barrel on the day, and off 4.8% for the week.
After falling to multi-month lows and logging three consecutive losses, gold futures managed to snag a win for Friday's session as interest rate buzz settled slightly. August-dated gold added $5.90, or 0.3%, to close at $1,929.60 an ounce. For the week, gold fell 2.1%, its biggest drop since October.