Stocks finished the day higher, extending last session's impressive rally. It wasn't enough to recover from the global selloff earlier this week, however, with all three major indexes logging a weekly loss. For the S&P 500 and Nasdaq, it was their their fourth-straight week in the red. The VIX, meanwhile, finished the week lower despite its wild surge a few days ago.
Continue reading for more on today's market, including:
- Industrial stock with support in place.
- Paramount Global stock rose after job cuts.
- Plus, 2 stocks moving after earnings; and 3 chip stocks to watch.
5 Things to Know Today
- Merck announced plans to buy CN201, an experimental drug targeting B-cell diseases, from Curon Biopharmaceuticals for up to $1.3 billion. (MarketWatch)
- Colin Huang, founder of Temu, just became China's richest person. (Bloomberg)
- Unpacking Sweetgreen's mixed earnings report.
- Video game stock bouncing off its recent lows.
- Checking in with 3 chip stocks amid AI buzz.
Oil Breaks Weekly Losing Streak
Oil prices rose for the fourth consecutive day as recession fears eased. September-dated West Texas Intermediate (WTI) crude rose 65 cents, or 0.9%, to settle at $76.84 per barrel. For the week, U.S. crude rose 4.5%, snapping a four-week losing streak.
Gold fell sharply for the week following Monday's slide. For the day, December-dated gold futures held steady at $2,462.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
