Moody’s Investors Service slashed its U.S. credit rating outlook to "negative"
Stocks struggled on Monday, after Moody’s Investors Service slashed its U.S. credit rating outlook to "negative" from "stable." While the Dow managed a modest gain, the S&P 500 and Nasdaq both settled below fair value, as utility stocks continued to falter. With the bulk of earnings season now in the rearview mirror, traders are turning their attention to the big batch of inflation data that is due out later this week.
- Don't sweat AppLovin stock's latest pullback.
- This solar stock is popular with options traders.
- Plus, homebuilding stock to buy; TSN brushes off dismal outlook; and Monday.com's earnings beat.
5 Things to Know Today
- Amazon.com (AMZN) cut more than 180 jobs in its gaming division, and will close its Game Growth and Crown Channel initiatives to focus on launches. (CNBC)
- The terms of service contract for Tesla's (TSLA) cybertruck says owners agree to not sell or attempt to sell the truck within the first year of its delivery. (MarketWatch)
- Outperforming homebuilding stock to buy this month.
- Dismal 2024 forecast couldn't shake Tyson Foods stock.
- Monday.com stock surged after reporting a quarterly win.
Analyst, OPEC Notes Boost Oil Prices
Oil prices marked a third-straight win today, after Goldman Sachs expressed optimism over demand, and highlighted lower supplies and inventories. The Organization of the Petroleum Exporting Countries (OPEC) also dismissed demand concerns. December-dated West Texas Intermediate (WTI) crude rose $1.09, or 1.4%, to close at $78.26 a barrel.
Gold prices were higher as well, as the U.S. dollar weakened before the incoming slew of inflation data. December-dated gold rose $12.50, or 0.7%, to close at $1,950.20 an ounce for the day, and 3.1% on the week.