All three major benchmarks rose sharply to begin the week
This week started off strong as optimism regarding trade policy permeated the market. The Dow finished the day 597 points higher, while the Nasdaq and S&P 500 saw solid gains as well. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) notched its fourth consecutive loss.
Investors unpacked today's S&P 500 manufacturing purchasing managers' index (PMI) data, which showed a 49.8 contraction in March from last month's reading of 52.7, while the services PMI rose to 54.3 from 51. Wall Street is also looking ahead to tomorrow's consumer confidence data amid waning sentiment over the last month.
Continue reading for more on today's market, including:
- Checking in on Lululemon stock before earnings.
- 3 defense stocks to watch amid sector updates.
- Plus, AZEK's best day ever; and 2 stocks hit with analyst notes.
5 Things to Know Today
- Genetics testing company 23andMe (ME) is filing for bankruptcy, and CEO Anne Wojcicki is stepping down. (The New York Times)
- Following tariffs, U.S. retail giants are haggling with suppliers behind the scenes. (Reuters)
- Outdoor Living stock soars on the heels of billion-dollar buyout.
- Lockheed Martin stock hit with bear notes after Boeing win.
- Analyst: Pinterest stock posing attractive entry point.
There were no notable earnings reports today.
Oil Rises After Trump's Venezuelan Oil Announcement
Oil prices rose after Trump said the U.S. will impose 25% tariffs on imports from countries that buy oil and gas from Venezuela. May-dated West Texas Intermediate (WTI) crude was last seen 94 cents higher, or 1.4%, at $69.22 a barrel.
Gold prices slipped for the second day amid U.S. dollar strength and easing tariff concerns. U.S. gold futures inched 0.2% lower to $3,015.50 per ounce.