All three major indexes finished deep in the red, but well off their session lows
Stocks finished deep in the red today, but as a small consolation prize, up off their session lows. The S&P 500 and Nasdaq snapped their three-day win streaks, though the latter was able to bounce off the psychologically-significant 5,000 level, while the former was off by more than 200 points in the morning. Fed fatigue and a tech sector selloff weighed on Wall Street today, sending the 10-year Treasury yield to its highest level since November.
Continue reading for more on today's market, including:
- Dow earnings rewind: two stocks moving in opposite directions.
- IBM heading for its worst drop since 2021.
- Plus, a protective puts primer; META's mess; and a grounded airline stock.
5 Things to Know Today
- Mortgage rates are up for the fourth week in a row. (MarketWatch)
- French President Emmanuel Macron has a lot to say about Europe. (Reuters)
- Earnings season is the perfect time for protective puts.
- META blitzed by bear notes after earnings.
- Southwest Airlines stock dinged by Boeing ineffectiveness.
Commodities Push Higher as Stocks Fall
Oil prices pivoted higher, paring modest losses as domestic and global demand overrode the shaky economic data. June-dated West Texas Intermediate (WTI) crude added 76 cents, or 0.9%, to settle at $83.57 a barrel.
Gold prices gained, no surprise given metal's safe-haven status. June-dated gold futures rose 0.1% to settle at $2,342.10 per ounce.