Poor jobs data and some lackluster Big Tech reports have reignited recession fears
Yesterday's selloff was mild compared to how stocks finished today, as Wall Street fell victim to renewed recession fears brought on by a weaker-than-expected jobs data and Big Tech earnings. The Dow dropped 610 points, its worst single-session decline since December 2022, and was down 987 points at its session lows.
The S&P 500 and Nasdaq both sold off as well, while the latter tech-heavy index sits in correction territory. Despite being in the black as of Wednesday's close, the two-day freefall sent all three major indexes into the red for the week, with the small cap Russell 2000 (RUT) suffering its worst week since March 2023. Amidst all this carnage, the Cboe Volatility Index (VIX) closed at its highest level since January 2022.
Continue reading for more on today's market, including:
- 2 stocks under $20 in the bargain-bin.
- China stock tests key support level.
- Plus, Amazon puts pop; cyber stock bucks selloff; and 1 stock to avoid this month.
5 Things to Know Today
- Mortgage rates in freefall is a silver lining to today's selloff. (CNBC)
- Canada may cut interest rates quicker now amid U.S. recession fears. (Bloomberg)
- AMZN's pullback draws in options bears.
- How did this cybersecurity stock climb today?
- Wynn Resorts stock stares down bearish seasonality.
More Records for Gold as Oil Extends Weekly Slide
Oil prices deflated today, and are now mired in a fourth-straight weekly decline, as demand worries and tensions out of the Middle East continue. September-dated West Texas crude shed $2.79, or 3.7%, to settle at $73.52 a barrel. For the week, black gold gave back 4.7%.
Gold prices enjoyed the recession talk briefly, hitting an intraday all-time high of $2,522.50, but ultimately turned lower for the session. December-dated gold futures, shed $11 or 0.4%, to settle at $2,469.80 per ounce. For the week, the safe-haven asset added 3.7%.