The Nasdaq also marked its third consecutive week of gains
The S&P 500 and Nasdaq scored modest fourth-straight daily wins on Friday, while the Dow settled just above breakeven. All three major benchmarks saw a third consecutive week in the black, which hasn't happened for the Dow and S&P 500 since July, and for the Nasdaq since June. Softer-than-expected inflation data was a major driving force behind this week's rally, which brought forth the Cboe Volatility Index's (VIX) fourth-straight week in the red.
- GitLab stock downgraded on risk-reward ratio.
- Healthcare stock surges after big hospital sale.
- Plus, more on the VIX's dismal week; GPS stages post-earnings surge; and a 0DTW options breakdown.
5 Things to Know Today
- Amazon.com (AMZN) began cutting “several hundred” jobs in its Alexa division, amid cost-cutting efforts that have been underway since last year. (CNBC)
- Millions of gig workers may be getting left out of U.S. employment reports, per research for the Boston Federal Reserve labor market conference. (Reuters)
- Behind the "fear gauge's" downward spiral this week.
- Gap stock attracted bullish attention post-earnings.
- Everything you need to know about 0DTE options.
Oil Prices Mark 4th-Straight Weekly Loss
Oil prices settled higher on Friday, amid reports that Saudi Arabia could extend its voluntary production cut into 2024. Plus, the Organization of the Petroleum Exporting Countries and their allies (OPEC+) could cut up to 1 million barrels per day. December-dated West Texas Intermediate (WTI) rose $2.99, or 4.1%, to close at $75.89 a barrel on the day. The commodity still marked a fourth consecutive weekly loss, though, shedding 1.7%.
Gold prices were lower, but still saw a 1.8% weekly win on the back of a weaker dollar and declining Treasury yields. December-dated gold shed $2.60, or 0.1%, to close at $1,984.70 an ounce for the day.