This week's run higher for the major indexes was cut short, as all three benchmarks logged intraday losses to round out an otherwise winning week. Today's drop snapped four-day win streaks across the board, driven by a pullback in previously outperforming Big Tech and chip makers. Amid the heavy focus on President Donald Trump's return to the White House, the Dow, S&P 500, and Nasdaq each logged a second-straight weekly win.
Continue reading for more on today's market, including:
- Your quick inauguration week recap.
- Cloud stock eyes best day since 2020.
- Plus, pharma stock pops; bear note dings PVH; and a bank stocks for bulls.
5 Things to Know Today
- The preferred inflation reading in Japan hit a 16-month high of 3%. (Bloomberg)
- Trump promised to overhaul or dismantle the Federal Emergency Management Agency (FEMA) after the floods in North Carolina and California wildfires. (CNBC)
- Obesity drug data boosts pharma giant.
- PVH stock gaps lower on a bear note.
- Bank stock for options bulls to bet on.
Oil Marks First Weekly Drop in 5
Unable to catch up after a week of underperformance, crude prices marked their first weekly loss in five. President Trump continued to push for a crude output boost, though uncertainty remains around his energy policies. The now most-active, March-dated West Texas Intermediate (WTI) crude inched up 4 cents, or about 0.1%, to settle at $74.66 per barrel on the day. For the week, black gold shed 3.5%.
On the flip side, gold charged into a fourth consecutive weekly rise, also grabbing a session win. Tariffs and a weakening dollar sent gold surging to within a chip-shot of another record peak. Gold for February delivery added 0.%5 to settle at $2,779.70 an ounce for the day, and around 0.8% higher for the week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
