Nasdaq, S&P 500 Settle Lower Ahead of Big Data Release
Both the Nasdaq and S&P 500 settled lower Wednesday, with the former pulling back from yesterday's record close as tech stocks cooled. The Dow settled above breakeven to notch a third-straight win, though, as Wall Street looked ahead to tomorrow's producer price index (PPI) reading as well as retail sales data.
Continue reading for more on today's market, including:
- These 2 cheap stocks look promising.
- Pulled plans put a damper on Intel stock.
- Plus, SPX macro factor to consider; Eli Lilly partners with Amazon; and options traders target WOOF.
5 Things to Know Today
- The House approved legislation calling China's ByteDance to divest TikTok or face a U.S. ban. (CNBC)
- Oil giant Shell (SHEL) is considering slowing the pace of its carbon emission cuts as it focuses on shareholder returns. (MarketWatch)
- Investors should not overlook this SPX macro factor.
- Amazon will deliver Eli Lilly drugs directly to consumers.
- Options traders responded to Petco's C-suite shakeup.
Oil Prices Surge on Declining Crude Supplies
Oil prices snapped a four-day losing streak, after the International Energy Information Administration (EIA) reported weekly crude supplies dropped. Investors also weighed rising tensions between Russia and Ukraine, and Israel and Hamas. April-dated West Texas Intermediate (WTI) added $2.16 cents, or 2.8%, to finish at $79.72 per barrel.
Gold prices settled higher as the greenback lost strength and investors regained some confidence that interest rate cuts are still coming. April-dated gold tacked on $14.70, or 0.9%, to settle at $2,181.50 per ounce.
