The Dow sidestepped the broader-market bounce today with a triple-digit loss
The Nasdaq held onto its midday triple-digit lead, closing at a new record high thanks to a resurgent tech sector. The S&P 500 logged a modest win of its own -- and closed two-hundredths of a point (0.02) from a record close -- while the Dow lagged the broader market with a 196-point loss. Against this backdrop, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) turned in only its second win of the month.
Continue reading for more on today's market, including:
- Snowflake stock brushed off a pre-earnings bear note.
- How options traders are playing Apple stock.
- Plus, MU upgraded; bull notes for Wall Street newbie ; and Elliott's new stake.
5 Things to Know Today
- Microsoft announced new PCs that use Qualcomm's (QCOM) artificial intelligence (AI) chips. (CNBC)
- The meme-stock rally is taking a breather. (MarketWatch)
- Micron stock gets yet another bull note.
- Bullish coverage boosted Rubrik stock.
- EIlliot builds stake in electrical stock.
There were no earnings of note today.
Gold Futures Bounce to Record High
Oil futures dipped Monday, reversing intraday gains amid fears of potential risks to global crude supplies after Iranian President Ebrahim Raisi died in a helicopter crash. In addition, the health of Saudi Arabia King Salman also has investors on edge. After trading as high as $80.60, June-dated West Texas Intermediate (WTI) crude lost 26 cents, or 0.3%, at $79.80 a barrel on the day.
Gold futures jumped to record high today, sent skyward by a conflux of positive catalysts, including potential U.S. interest rate cuts and stimulus measures in China. At last glance, June-dated gold was up $18.40 or 0.8%, to finish the day at $2,435.80.