Stocks closed out today’s volatile session just barely in the black, though the Dow snapped a four-week win streak. The tech-heavy Nasdaq and S&P 500 also posted weekly losses, while Wall Street’s “fear gauge,” the Cboe Volatility Index (VIX) finished lower for its fifth consecutive and longest weekly skid since August. Earnings season dominated the conversation and will continue to do so; 42% of S&P 500 companies report next week.
Continue reading for more on today’s market, including:
- 4 software stocks for contrarian traders.
- Just how choppy was the stock market this week?
- Plus, P&G’s post-earnings pop; a winning GE trade; and 3 stocks for Earth Day.
Things to Know Today
- Lyft (LYFT) CEO David Risher said next week will be the start of the company’s planned layoff cycle, with an estimated 1,200 positions expected to be terminated. This will help cut costs and account for about 30% of Lyft’s workforce. (CNBC)
- Four NFL players including Detroit Lions wide receiver Quintez Cephus, have been suspended after violating the organization’s gambling policy. All players will be out for at minimum the entire 2023 season. (MarketWatch)
- A hometown icon enjoyed a post-earnings pop today.
- How bulls landed a huge profit on General Electric stock.
- Celebrate Earth Day with these three stocks.
Oil, Gold Post Steep Weekly Losses
Fears over the broader economic outlook sent oil futures to snap its four-week win streak. May-dated crude managed rise for the day, however, tacking on 50 cents, or 0.7%, to close at $77.87 per barrel. For the week oil shed 5.5%.
With the Fed’s future plans for interest rate hikes plaguing investors, gold slipped below the prized $2,000 mark. June-dated gold dropped $28.60 or 1.4%, to settle at $1,990.50 an ounce. For the week, gold backpedaled 1.3%.
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