Wall Street was a mixed bag today as rate-cut optimism wore off, though all three major indexes still scored their second consecutive winning week. The Dow rallied in the final hour of trading to score a record close and stay above the key 42,000 level. The S&P 500 and Nasdaq finished the session just below breakeven, while the Cboe Volatility Index (VIX) fell for the day and turned in its second-straight weekly loss.
Continue reading for more on today's market, including:
- Watch for this energy stock breakout.
- Nike stock bounced after a c-suite shakeup.
- Plus, a primer on options expiration; VLO's bear note; and two auto stocks to watch.
5 Things to Know Today
- New data shows that trade between China and Mexico is on the rise as tariffs become a major talking point for the 2024 U.S. Presidential Election. (CNBC)
- The Federal Trade Commission (FTC) today sued CVS Health (CVS), alleging the company artificially increased insulin prices and made its harder to get lower-priced products. (MarketWatch)
- Options 101: what happens when options expire?
- Analyst turns bearish on energy stock.
- Keep an eye on the these auto sector headwinds.
Gold, Oil Enjoy Rate Cut Optimism
Oil prices remained steady today, turning in their second straight weekly win amid support from the Fed's rate cut and falling U.S. supply. October-dated West Texas Intermediate (WTI) crude shed 22 cents cents, or 0.3%, to close at $71.73 a barrel, and rose roughly 4% for the week.
Gold prices also stayed elevated, buoyed by bets that the Fed would issue more interest rate cuts in the near term. Gold for December delivery added 1% to close the session at $2,644.60.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
