Stocks closed higher on Monday, with the Dow swinging to a 94-point gain within the final half hour of trading, though the index was weighed down by finance and energy stocks for most of the day. Meanwhile, the Nasdaq logged a triple-digit pop, and the S&P 500 managed a muted win. A brief inversion in parts of the Treasury yield sparked some fears of another recession, but the main yield spread remained positive, allaying some of these anxieties. Meanwhile, investors kept a close eye on any updates between Ukraine and Russia, with peace talks set to continue this week.
Continue reading for more on today’s market, including:
- A look at Apple stock after reported production cuts.
- The healthcare stock that could bounce soon.
- Plus, breaking down SNOW’s underperformance; CHWY gears up for earnings; and BYND gets downgraded.
The Dow Jones Average (DJI – 34,955.89) added 94.7 points, or 0.3% for the day. Microsoft (MSFT) led the gainers with a 2.3% gain, while Chevron (CVX) paced laggards with a 1.8% drop.
The S&P 500 Index (SPX – 4,575.52) added 32.5 points for the day, or 0.7%, while the Nasdaq Composite (IXIC – 14,354.90) rose 185.6 points, or 1.3% in today’s session.
Lastly, the Cboe Market Volatility Index (VIX – 19.63) lost 1.2 points, or 5.7% for the day, marking its lowest settlement since Jan. 14.
5 Things To Know Today
- After being criticized for its silence, Walt Disney (DIS) promised to help have Florida’s HB 1557 law — or the “Don’t Say Gay” bill, as its commonly known — repealed, saying that the state’s Governor shouldn’t have signed it. (CNBC)
- Apple (AAPL) became the first streaming service to take home a “Best Picture” Oscar for its film “CODA,” beating out big-time competitor Netflix (NFLX), with its two nominees: “Don’t Look Up” and “Power of the Dog.” (MarketWatch)
- Snowflake stock is underperforming, but it’s not fazing the brokerage bunch.
- Checking in with Chewy stock before earnings.
- One analyst predicts growing competition for Beyond Meat stock.
There were no earnings of note today.
China’s Renewed Lockdowns Put Pressure on Oil Prices
Oil prices saw a serious plummet on Monday, as renewed Covid-19 lockdowns in China spark concerns over demand. Optimism over a potential breakthrough in peace talks between Russia and Ukraine, meanwhile, eased some ongoing fears over supply shortages. For the day, the commodity dropped $7.94 or 7%, for the most active, front-month contract May delivery to settle at $105.96.
Gold inched lower as investors eyed talks between Ukraine and Russia, as well as the possibility of more sanctions on Russia, which could turn the commodity even more volatile. April-dated gold sank $14.40 or 0.7%, to close at $1,939.80 per ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.