Dow Adds Triple Digits as Treasury Yields Move Lower
With the Federal Open Market Committee's (FOMC) two-day meeting now underway, lower Treasury yields helped stocks rebound on Tuesday. The central bank is largely expected to keep interest rates the same, though some on Wall Street are wary recent economic data will embolden the Fed to maintain rates higher for longer. Nevertheless, the Dow scored a triple-digit pop, while both the S&P 500 and Nasdaq settled higher as well.
Continue reading for more on today's market, including:
- Planet Fitness stock draws put traders' attention.
- How to win in March Madness and options trading.
- Plus, 2 chip stocks in focus, and Fusion Pharmaceutical's big acquisition.
5 Things to Know Today
- Unilever (UL) said it may spin off its Ben & Jerry’s unit and expects to cut 7,500 jobs globally. (MarketWatch)
- Microsoft (MSFT) hired the co-founder of a startup Alphabet (GOOGL) bought in 2014 to lead its artificial intelligence (AI) initiatives. (CNBC)
- Nvidia stock moved lower despite revealing a new AI chip.
- Ramped up competition pressures this semiconductor stock.
- Fusion Pharmaceuticals bought AstraZeneca for over $2 billion.
There were no notable earnings reports today.
Gold Edges Lower as Greenback Gains Strength
Oil prices settled higher on Tuesday, as investors continued to assess the impact of Ukraine's attacks on Russia's oil refineries could have supply and demand. April-dated West Texas Intermediate (WTI) added 75 cents, or 0.9%, to settle at $83.47 per barrel on the day.
Meanwhile, gold prices finished lower as the U.S. dollar became stronger and traders eyed the Fed's two-day meeting. April-dated gold dropped $4.60, or 0.2%, to settle at $2159.70 per ounce on the day.
