The bond yields hit their highest levels in over a month
Sentiment certainly shifted from the beginning of the week, culminating in a massive selloff catalyzed by a hotter-than-expected core PCE reading. The Dow finished the day down 715 points, with pressure from tech in particular, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), surged 15.4%.
All three major indexes finished with weekly losses after three consecutive days in the red. For the S&P 500 and Nasdaq, it was their fifth weekly losses in six weeks.
Continue reading for more on today's market, including:
- Cloud stock bucks selloff after upbeat earnings.
- Sea stock has bullish potential this year.
- Plus, a quick rundown of the week; RKLB's pop; and two retail stocks feeling pressure.
5 Things to Know Today
- A fatal earthquake with a magnitude of 7.7 hit Myanmar today. (Reuters)
- Former Morgan Stanley advisor Jesus Rodriguez was given 12 years in prison for $5.6 million fraud. (MarketWatch)
- Defense stocks, solar stocks, and auto stocks made notable moves this week.
- Rocket Lab scores another national security contract.
- Disappointing guidance weighs on OXM and LULU.
Gold Hits More Records
Oil prices eased today amid global trade policy concerns. May-dated West Texas Intermediate (WTI) crude fell 56 cents, or 0.9%, to $69.36 a barrel, but still added about 1.5% for the week.
Gold prices extended their record highs today as investors rushed to the safe-haven amid the broad-market selloff. U.S. gold futures settled 0.8% higher at $3,114.30, adding 2.8% for the week.