All three major benchmarks extended their rallies
The Dow, Nasdaq, and S&P 500 today marked their best week of 2023, after all three major benchmarks extended their respective rallies on the heels of softer-than-expected jobs data. The Dow and S&P 500 marked a fifth-straight daily win -- the latter's longest since June -- while the Nasdaq saw its sixth consecutive gain. Tumbling Treasury yields also contributed to today's rally, with investors now hoping interest rate hikes will be a thing of the past.
5 Things to Know Today
- Walmart (WMT) stock surged to all-time highs, with investors expecting the retailer to have a strong holiday season following store and website upgrades. (CNBC)
- Fintech name Block (SQ) issued a lofty 2024 earnings outlook and announced its board approved the repurchase of up to $1 billion in shares. (MarketWatch)
- Lackluster holiday outlook weighed on Apple stock.
- Fortinet had another dismal turn in the confessional.
- Chipotle Mexican Grill is a retail earnings winner.
Oil Logs Steep Daily, Weekly Losses
Oil prices settled with weekly and daily losses, with investors concerned about demand after softer U.S. economic data. December-dated West Texas Intermediate (WTI) crude lost $1.95, or 2.4%, to close at $80.51 a barrel on the day, and shed a 5.9% this week.
Meanwhile, gold prices were higher today, as the U.S. dollar weakened and Treasury yields fell following jobs data. December-dated gold added $5.70, or 0.3%, to close at $1,999.20 an ounce for the day, and fell 0.31% for the week.