The Dow also settled with a daily loss
The Federal Reserve's meeting minutes threw a bucket of water on stocks today, with the central bank noting economic policy will need to stay “restrictive” to bring inflation to its 2% target. Investors now expect interest rates to hold steady in December, rather than be cut back. In response, both the S&P 500 and Nasdaq snapped their five-day win streaks, while the Dow settled firmly lower as well. Elsewhere, the Cboe Volatility Index (VIX) saw its third consecutive daily drop.
- 2 retail stocks moving in opposite directions.
- Surefire bull signal flashing for Shopify stock.
- Plus, how NVDA fared before earnings; KSS plummets; and why C3.ai stock popped.
5 Things to Know Today
- Ford Motor (F) is scaling back plans for a $3.5 billion battery plant in Michigan amid disappointing demand for electric vehicles (EVs) as well as rising costs. (CNBC)
- Lowe's (LOW) quarterly revenue miss and slashed forecast came with a warning that consumers are favoring experiences over goods for now. (MarketWatch)
- Nvidia stock cooled before its earnings report.
- Disappointing outlook drags Kohl's stock.
- Analysts upgrades C3.ai stock on margin expansion.
Gold Prices Nab Highest Close This Month
Oil prices moved lower on Tuesday, ahead of the Energy Information Administration's (EIA) U.S. supply data due out tomorrow, in addition to the Exporting Countries and its allies' (OPEC+) output decision. January-dated West Texas Intermediate (WTI) dropped 6 cents, or roughly 0.1%, to close at $77.77 a barrel.
Meanwhile, gold prices conquered the psychologically significant $2,000 level. Easing inflation and hopes that the Fed is finished hiking interest rates boosted the yellow metal. December-dated gold added $21.30, or 1.1%, to close at $2,001.60 an ounce for the day -- its highest close since October.