Stocks Eke Out Weekly Wins Despite Friday Fumble
Stocks finished the holiday-shortened week with a thud. The Dow shed 333 points to snap a five-day win streak, while the S&P 500 and Nasdaq also finished deep in the red -- the former falling back below 6,000 and the latter breaching 20,000. Rising bond yields pressured Wall Street, sending large cap tech stocks sharply lower. Despite tech weakness impacting the broader market, all three major indexes finished with weekly wins, marking the Dow's first in four.
Continue reading for more on today's market, including:
- Quantum computing stocks are finishing 2024 strong.
- And the award for worst S&P stock goes to ...
- Plus, airline stocks soaring; GameStop cools off; and a NDX rebalancing analysis.
5 Things to Know Today
- Rising credit card debt is a consequence to consumer spending. (CNBC)
- Homelessness in the U.S. is also on the rise. (Reuters)
- Are airline stocks at an intriguing entry point?
- Once more, GME has short squeeze potential.
- What does a Nasdaq-100 rebalancing really mean?
There were no earnings of note today.
'Fear Bidding' Pushes Oil Back Above $70
Oil prices fell victim to 'fear bidding' today, rising in response to Israeli strikes against Yemen’s Houthi rebels. February-dated West Texas Intermediate (WTI) crude added $1.59 cents, or 2.3%, to settle $71.78 per barrel. For the week, black gold added 4.8%.
Rising bond yields weighed on gold today. Gold for January delivered lost 0.8% to settle around $2,633.50 an ounce. For the week, gold lost 0.2%.
