All three benchmarks finished with weekly losses
The Dow finished off a brutal week with an 475-point slide for its fifth consecutive daily loss. Several bank names fell into the red after earnings reports today, including JPMorgan Chase (JPM), which dragged the blue-chip index with a 6.3% loss. Inflation concerns reemerged as well, doing little to help sentiment alongside tensions overseas.
Tech stocks pulled back from yesterday's rally, helping the Nasdaq close its worst daily percentage drop since March. The S&P 500 finished sharply lower as well, clocking its worst daily percentage drop since Jan. 31, with all three major indexes securing weekly losses -- the Dow's worst of 2024.
Continue reading for more on today's market, including:
- Analyst joins bullish majority on GitLab stock.
- Tenet Healthcare stock has support in place.
- Plus, trading options around earnings; chip stocks face China headwinds; and more on JPM's earnings.
5 Things to Know Today
- The shares of Rent the Runway had a meme-stock-like run this week, starting the week in penny stock territory and rising above $28 by the end. (MarketWatch)
- Amid rising oil prices, tensions in the Middle East, and global economic unpredictability, Europe's main energy stocks index, the STOXX Europe 600 Oil & Gas index, hit its highest level since 2008. (Reuters)
- How to profit with options during earnings season.
- China hopes to curb foreign semiconductors, sending stocks lower.
- JPMorgan Chase slides despite kicking off earnings season with upbeat report.
Oil, Gold Hit Fresh Highs
Oil prices today rose to their highest level in six months before paring gains, as investors continue to monitor Iran and Israel. May-dated West Texas Intermediate (WTI) rose 64 cents, or nearly 0.8%, to settle at $85.66 a barrel. For the week, the front-month contract dropped 1.4%.
Gold prices hit record highs once again, as investors target safe-haven assets amid global tensions. June-dated gold futures settled 0.1% higher at $2,374.1 per ounce.