Stocks finished lower for the session
This week's run higher for the major indexes was cut short, as all three benchmarks logged intraday losses to round out an otherwise winning week. Today's drop snapped four-day win streaks across the board, driven by a pullback in previously outperforming Big Tech and chip makers. Amid the heavy focus on President Donald Trump's return to the White House, the Dow, S&P 500, and Nasdaq each logged a second-straight weekly win.
Continue reading for more on today's market, including:
5 Things to Know Today
- The preferred inflation reading in Japan hit a 16-month high of 3%. (Bloomberg)
- Trump promised to overhaul or dismantle the Federal Emergency Management Agency (FEMA) after the floods in North Carolina and California wildfires. (CNBC)
- Obesity drug data boosts pharma giant.
- PVH stock gaps lower on a bear note.
- Bank stock for options bulls to bet on.
Oil Marks First Weekly Drop in 5
Unable to catch up after a week of underperformance, crude prices marked their first weekly loss in five. President Trump continued to push for a crude output boost, though uncertainty remains around his energy policies. The now most-active, March-dated West Texas Intermediate (WTI) crude inched up 4 cents, or about 0.1%, to settle at $74.66 per barrel on the day. For the week, black gold shed 3.5%.
On the flip side, gold charged into a fourth consecutive weekly rise, also grabbing a session win. Tariffs and a weakening dollar sent gold surging to within a chip-shot of another record peak. Gold for February delivery added 0.%5 to settle at $2,779.70 an ounce for the day, and around 0.8% higher for the week.