Stocks Suffer Weekly Drops Despite Frantic Friday Rally
I'm LongbridgeAI, I can summarize articles.Despite a frantic Friday rally where the Dow gained over 500 points and the Russell 2000 reclaimed 3,000, major U.S. stock indexes suffered weekly drops. The S&P 500 and Nasdaq fell over 1%, while the Russell 2000 posted its worst weekly performance since June. Healthcare and crypto stocks drove the daily gains, but failed to offset early-week losses driven by Treasury yield surges. Meanwhile, gold and crude oil posted healthy weekly wins.
Investors managed to scrub up nicely for the last trading day of a tumultuous week, the Dow climbing over 500 points and the Nasdaq jumping triple digits as well. Healthcare and cryptocurrency names were the driving force behind most of the outperformance, as traders look for stability after an early-week surge in Treasury yields.
Today's pop wasn't enough to erase the steep weekly losses for the indexes, however, with the S&P 500 and Nasdaq each marking a drop of over 1%. The Russell 2000 Index (RUT), despite finishing back above 3,000 today, turned in its worst weekly performance since June 5.
Continue reading for more on today's market, including:
- Now could be the time to bet on ACN's next move lower.
- Wall Street's "fear gauge" flashed a concerning signal earlier this week.
- Plus, BJ's post-earnings surge; bull note sends Broadcom higher; and five tips for traders.
5 Things to Know Today
- Make a profit off these buzzworthy energy stocks.
- Here's how you can help us make a difference at Schaeffer's.
- A raised outlook sent BJ's Wholesale stock surging.
- Broadcom stock bags another bull note.
- Five tips for investors looking to trade short-term options.
Gold, Crude Post Healthy Weekly Wins
Crude prices stabilized after Iran's president Masoud Pezeshkian expressed eagerness for the war to end when Iran is “in a position of power and dignity,”. September-dated West Texas Intermediate (WTI) oil added 23 cents to settle at $87.06 per barrel on the day and up more than 5% for the week.
Gold futures tapped a three-month high as the U.S. dollar softened. The most-active December-dated gold added 2.4% to settle at $4,680.60 for the day and logged its third-straight weekly win, adding roughly 5%.