The VIX turned its first win of the month
Wall Street started the week off on an unenthusiastic note, with all three major indexes holding near their midday marks. The Dow settled snapped an eight-day win streak, the S&P 500 finished marginally lower, while Nasdaq logged a modest win. Elsewhere, the Cboe Volatility Index (VIX) logged its first win in nine sessions.
In other news, a New York Federal Reserve survey showed consumers last month upped their price increase expectations for the near- and long-term, while cocoa prices fell more than 19% today, marking their biggest single-day decline since 1980.
Continue reading for more on today's market, including:
- Retail traders eye meme stocks once again.
- Commodity stock flashing historically bullish signal.
- Plus, new AI chips to monitor; PENN's bear note; and a commodity stock to target.
5 THINGS TO KNOW TODAY
- OpenAI launched an updated ChatGPT. (CNBC)
- U.S. Airlines are suing to block the Biden administration's new fee transparency rule. (MarketWatch)
- Semiconductor firm reveals new chip plans.
- Analyst adjusts sentiment on casino stock.
- Signal says buy calls on this mining stock.
There were no earnings of note today.
Gold Prices Retreat from Last Week's Highs
Oil prices trended higher today, with June-dated West Texas Intermediate (WTI) crude adding 86 cents, or 1.1%, at $79.12 a barrel. The pop followed signs of soft fuel demand against expectations of production cuts later this year.
Gold prices turned in their worst daily loss of the month, pulling back from Friday's three-week highs after investors moved to take profit ahead of this week's inflation data. June-dated gold futures shed $32, or 1.4%, to trade at $2,343 per ounce today, and gained 2.9% this week.