U.S. markets suffered in today's session, marking six straight triple-digit losses for the Dow -- its longest streak since February 2020. The tech-heavy Nasdaq struggled once more too, moving into correction territory as Netflix (NFLX) reported a gravely disappointing subscriber growth for the previous quarter. For the week, all three indexes logged their third consecutive loss.
Continue reading for more on today's market, including:
- Telecom stock ripe for pre-earnings upgrades.
- 1 stock with buying opportunity as large-caps sell off.
- Plus, more on Peloton's future; a mining stock's setback; and retailers gets a bull note boost.
The Dow Jones Average (DJI - 34,265.37) plummeted 450 points, or 1.3% for the day. McDonald's (MCD) led the gainers today, adding 0.6%, and Walt Disney (DIS) paced the laggards with a 6.9% fall. On the week, the blue-chip index fell 4.6%.
The S&P 500 Index (SPX - 4,397.94) moved 85 points lower, or 1.9%, while the Nasdaq Composite (IXIC - 13,768.92) dropped 385 points, or 2.7%, for today's session. For the week, the indexes fell 5.7% and 7.5%.
Lastly, the CBOE Volatility Index (VIX - 28.85) added 3.3 points, or 12.7% for the day. The VIX added 50.3% for the week.
- General Motors (GM) has revealed the latest model to come out for its Cadillac Escalade; the V. The model is slated for 2023 series release. (CNBC)
- Tech powerhouse Intel (INTC) today shared plans to put as much as $100 billion into a chip manufacturing plant in Ohio, which could create the world's largest of its kind. (Reuters)
- Options traders speculate on Peloton stock's future.
- Major setback miffs mining stock.
- Struggling sportswear name boosted on bull note.
Oil, Gold Log Weekly Wins
Oil managed to log a fifth straight weekly rise, despite ending the day lower. Investors are looking toward next week's Federal Open Market Committee (FOMC) meeting, which should cover some of the recent international tensions that have arisen in the Middle East and Asia, of late. March-dated oil, which is now the front-month contract, lost 41 cents, or a little under 0.5%, to finish at $85.14 for the day, but added 2.2% for the week.
Gold locked in a second weekly win, though also marking a loss on the day. Longer-term, it looks as if investors may be seeking protection from inflation through the precious metal. February-dated gold shed $10.80 or 0.6%, to close at $1,831.80 per ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.