The Nasdaq soared to a new record high, driven by a remarkable resurgence in the tech sector. Meanwhile, the S&P 500 notched a modest win, inching tantalizingly close to a record high, while the Dow lagged behind with a 183-point loss. In the midst of this market euphoria, the Cboe Volatility Index (VIX) clinched only its second victory of the month, reflecting a sense of calm on Wall Street.
For further insights into today’s market activity:
- Snowflake stock shrugged off a bearish pre-earnings note.
- Discover how options traders are navigating the waters of Apple stock.
- Uncover the latest upgrades for MU, bullish sentiment for a Wall Street newcomer, and Elliott’s new strategic position.
Key Highlights of the Day
- Microsoft revealed new PCs equipped with Qualcomm’s cutting-edge artificial intelligence (AI) chips. (CNBC)
- The frenzy surrounding meme stocks like GameStop and AMC has subsided. (MarketWatch)
- Micron stock received another round of bullish support.
- Positive coverage lifted Rubrik stock.
- Elliott Management made headlines with a significant investment in an electrical stock.
No significant earnings announcements were made today.
Gold Futures Surge to Unprecedented Heights
In a volatile session, oil futures retreated after initially climbing due to concerns surrounding global crude supplies following the tragic helicopter crash that claimed the life of Iranian President Ebrahim Raisi. Additionally, the health of Saudi Arabia’s King Salman has investors on edge. Despite topping out at $80.60, June-dated West Texas Intermediate (WTI) crude shed 26 cents, or 0.3%, closing at $79.80 per barrel.
Gold futures soared to record levels today, propelled by a myriad of positive factors, including prospects of U.S. interest rate adjustments and Chinese stimulus initiatives. By day’s end, June-dated gold had risen by $18.40, equivalent to a 0.8% increase, settling at $2,435.80.
