A strong U.S. jobs report weighed on sentiment
Volatility continued to torment Wall Street today. After swinging back and forth between gains and losses, the Dow added 76 points, but posted a modest weekly loss. The S&P 500 and Nasdaq stayed in the red today, yet ended the week slightly higher, with both notching a third-straight weekly win. Elsewhere, the Cboe Volatility Index (VIX) closed at its lowest level since April 20, and logged its seventh-straight weekly loss -- its worst streak since October 2019.
A strong U.S. jobs report for July, which pointed to a robust labor market, weighed on sentiment today. Specifically, many are concerned this economic data may embolden the Federal Reserve to keep pursuing aggressive interest rate hikes going forward.
Continue reading for more on today's market, including:
- Bear notes galore for Twilio stock on weak outlook.
- These 7 pot stocks started off August with a bang.
- Plus, meme stock making headlines; streaming stock sinks after earnings; and unpacking Treasury yield performance.
The Dow Jones Average (DJI - 32,803.47 ) added 76.7 points, or 0.2% for the day, but shed 0.1% for the week. JPMorgan Chase (JPM) led the gainers, adding 3%. Walt Disney (DIS) paced the laggards, falling 1.4%.
The S&P 500 Index (SPX - 4,145.19) dipped 6.8 points, or 0.2% for the day, but gained 0.4% this week. Meanwhile, the Nasdaq Composite (IXIC - 12,657.55) fell 63 points, or 0.5% for the session, but added 2.2% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 21.15) shed 0.2 point, or 0.8% for the day, and 0.8% for the week.
5 Things to Know Today
- Cloudflare (NET) surged after the company raised its full-year guidance after posting better-than-expected revenue, noting sales cycles are shorter. (CNBC)
- Amazon.com's (AMZN) deal to buy iRobot (IRBT) for $1.7 billion is sparking privacy fears, after the tech giant also acquired One Medical health clinics. (MarketWatch)
- Special dividend drew options traders to this popular meme stock.
- Warner Brothers Discovery stock plummeted after a revenue miss.
- Unpacking treasury yield performance ahead of Inflation Act progress.
Oil Prices Post Steep Weekly Loss Despite Bounce
Oil prices settled higher on Friday, but concerns over an economic slowdown and how it could impact demand kept gains in check. September-dated crude added 47 cents, or 0.5%, to settle at $89.01 per barrel for the day. For the week, black gold shed a hefty 9.7%.
Gold prices finished lower, but still notched a 0.5% weekly gain. Weighing on the safe-haven commodity today was a better-than-expected jobs report, which signaled a strong labor market and boosted Treasury yields. December-dated gold fell $15.50, or 0.9%, to close at $1,791.20 an ounce.