January's hotter-than-expected consumer price index (CPI) reading weighed on stocks
Hotter-than-expected inflation reading stopped Wall Street in its tracks today, with all three benchmarks logging their steepest point-based drop of 2024. The Dow erased more than 524 points for its worst single-session loss in nearly 12 months, and was off over 700 points at its session lows.
Not to be outdone, the S&P 500 breached the psychologically significant 5,000 mark and the Nasdaq shed triple digits. In the background, investors' "fear gauge," the Cboe Volatility Index (VIX), logged its best single-session percentage gain since October.
Continue reading for more on today's market, including:
- How bulls scored big on this tech stock.
- What to make of Tesla stock after a fickle 12 months.
- Plus, TripAdvisor's potential deal; JetBlue's lifeline; and Coca-Cola's earnings.
5 Things to Know Today
- A comprehensive breakdown of January's inflation data. (CNBC)
- The $95.3 billion aid package for Ukraine, Israel, and Taiwan just passed through the U.S. Senate. (MarketWatch)
- Travel stock surged before earnings report.
- See what helped JetBlue stock buck the broad-market selloff.
- Not even a revenue beat could help Coca-Cola stock today.
Oil Secures 7th Consecutive Win
Oil futures turned in their seventh consecutive gain, as supply speculation continues to swirl amid Middle East tensions. For the session, March-dated West Texas Intermediate Crude (WTI) added 95 cents, or 1.2%, to finish at $77.87per barrel, the sixth-straight winning session.
Gold prices, meanwhile, pulled back to the key $2,000 level, after today's inflation raised questions about the Fed's future interest-rate cut plans. April-dated gold lost $25.20, or 1.2%, to settle at $2,007.80 for the session.