The Dow and S&P 500 snapped three-day win streaks
Despite a widely upbeat start to earnings season, the S&P 500 and Dow were unable to extend their three days of wins to four, as all major indexes struggled for direction. The Nasdaq slipped back into red territory as well, as investors zeroed in on Apple's (AAPL) worst day since August, which came after research firm Canalys said the tech company is losing prominence in China. Meanwhile, the 10-year U.S. Treasury yield continued to cool from its 14-month peak, and the Cboe Volatility Index (VIX) snapped a three-day losing streak.
Continue reading for more on today's market, including:
- Big bank earnings continue to roll out.
- Prepare for another holiday-shortened trading week.
- Plus, two major analyst moves today; and retail stock slips after guidance update.
5 Things to Know Today
- In his final address to the nation, U.S. President Joe Biden warned of a potential oligarchy forming ahead of President-elect Donald Trump taking office next week. (Reuters)
- American Express (AXP) is being charged $230 million to settle a case with the Department of Justice (DoJ) regarding fraud and marketing deception claims. (CNBC)
- Downgrade dings Southwest Airlines stock.
- Netflix stock pops on pre-earnings bull note.
- Lackluster forecast drags popular retail stock.
Oil Cools as Gold Charges Higher
Crude finished lower as global supply worries eased following news of the Israel-Hamas cease-fire deal. February-dated West Texas Intermediate (WTI) crude fell 75 cents, or 1%, to settle at $79.29 per barrel.
Gold charged higher to a one-month peak, as inflation data continued to weigh down the 10-year U.S. Treasury yield. Gold for the now most-active February delivery added 1.1% to settle at $2,748.60 an ounce.