The S&P 500 moved back above the 4,000 level
Wall Street struggled for direction much for much of Tuesday, though two of the major benchmarks managed to snap a three-day losing streak. The Dow gave up a 500-point lead and turned negative at the session’s halfway point. By the close, it looked like the blue-chip index would score a small win, but it ultimately shed 85 points in the final minutes of trading — securing its fourth-straight loss. Meanwhile, the S&P 500 rose back above the 4,000 level, while the Nasdaq nabbed a triple-digit pop thanks to a retreat in the 10-year Treasury yield, which helped Big Tech roar back to life.
Continue reading for more on today’s market, including:
- History says Barrick Gold stock is bound for big returns.
- Why this meme stock popped earlier today.
- Plus, blue chip facing 3 levels of resistance; more on Peloton’s dismal earnings report; and today’s best cruise stock.
The Dow Jones Average (DJI – 32,160.74) shed 85 points, or 0.3% today. Intel (INTC) added 2.2% today, leading the list of component winners. IBM (IBM), meanwhile, paced the laggards with a 4% drop.
The S&P 500 Index (SPX – 4,001.05) added 9.8 points, or 3.2% for the day. Meanwhile, the Nasdaq Composite (IXIC – 11,737.67) gained 114.4 points, or 1% for the session.
Lastly, the Cboe Market Volatility Index (VIX – 32.99) lost 1.8 point, or 5.1%.
5 Things to Know Today
- The World Health Organization (WHO) today said that China’s zero-tolerance policy concerning Covid-19 is not sustainable. (Reuters).
- Projections show that the population in the U.S. in 2100 will be higher than that of China and Russia, which bodes well for long-term economic prospects. (MarketWatch)
- Nike stock is facing 3 levels of resistance.
- A dismal revenue forecast tanked Peloton stock.
- Take a look at this cruise stock’s stellar earnings report.
Gold Futures Hit Lowest Level in 3 Months
Oil prices plunged on Tuesday, as anxieties swirled concerning global economic outlook and China’s strict Covid-19 lockdowns. In fact, today’s session saw June-dated crude lost $3.33, or 3.2%, to close at $99.76 per barrel, trading below $100 for the first time in nearly two weeks.
Gold futures also fell today, dropping to their lowest level since Feb. 10, after the U.S. dollar popped and put pressure on bullion. Specifically, June-dated gold shed $17.60, or 1%, to settle at at $1,841.00 an ounce today.