Stocks were a resilient bunch today, shaking off the Moody's downgrade to finish well off their session lows. The Dow jumped 137 points for a third-straight win, paring a triple-digit loss from the morning. The S&P 500 and Nasdaq finished just above breakeven, the former securing a six-day win streak. Despite Wall Street steadying, the Cboe Volatility Index (VIX) logged its biggest single-session gain since April 21.
Continue reading for more on today's market, including:
- Analyst: social media stock facing AI headwinds.
- Call traders unfazed by struggling SMCI.
- Plus, airlines upgraded; a social media stock roundup; and the best stock today.
5 Things to Know Today
- The Moody's downgrade sent mortgage rates back above 7% (CNBC)
- Foreign holdings of U.S. treasuries hit a record high in March. (Reuters)
- Airline stocks earn another analyst upgrade.
- Keep an eye on these other social media stocks.
- Novavax stock gets a much-needed shot in the arm.
There are no corporate earnings of note today.
Safe-Haven Assets Bounce Back
Oil prices finished marginally higher today, as stalled talks between the U.S. and Iran offset the Moody's downgrade. June-dated West Texas Intermediate (WTI) rose 20 cents, or 0.3%, to settle at $62.69 per barrel.
The credit downgrade was a boon for safe-haven assets today. June-dated gold futures gained 1.5% to finish at $3,223 per ounce on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
