Dow Logs Daily, Weekly Losses As Wall Street Eyes Rate Hikes

strong jobs report for May did more harm than good on Friday, with stocks settling deep in the red after Wall Street interpreted the data as a green light for the U.S. Federal Reserve to move forward with interest rate hikes. The Dow fell 348 points, and both the S&P 500 and Nasdaq settled lower as well, as a surging 10-year Treasury yield dinged the tech sector. All three major benchmarks also logged weekly losses, while the Cboe Volatility Index (VIX) registered a second-straight losing week, despite finishing higher for the day.

The Dow Jones Average (DJI - 32,899.70) dropped 348.6 points, or 1.1% for the day, and 0.9% for the week. Caterpillar (CAT) rose 1.3%, leading the gainers. Apple (AAPL), meanwhile, paced the laggards with a 3.9% drop.

The S&P 500 Index (SPX - 4,108.54) lost 68.3 points, or 1.6% for the day, and 1.2% for the week. Meanwhile, the Nasdaq Composite (IXIC - 12,012.73) fell 304.2 points, or 2.5% for the session, and 1% this week.

Lastly, the Cboe Market Volatility Index (VIX - 24.79) added 0.07 points or 0.3% for the day, but lost 3.5% for the week.

Closing Index Summary June 3

NYSE and Nasdaq Stats June 3

Earnings June 3

Unusual Options Activity June 3


Oil prices closed out higher on Friday, as investors continued to brush off a decision from the Organization of the Petroleum Exporting Countries and their allies (OPEC+) to hike production. A drop in U.S. crude inventories, coupled with China's easing Covid-19 restrictions, helped black gold. In turn, July-dated crude added $2, or 1.7%, to close at $118.87 per barrel. For the week, it added 3.3%.

Meanwhile, gold prices settled sharply lower to log their worst single-day percentage drop in three weeks. Pressuring the yellow metal was a strengthening U.S. dollar and today's upbeat jobs report. As a result, August-dated gold fell 1.1%, or $21.20, to settle at $1,850.20 an ounce. The safe-haven commodity also fell 0.3% for the week -- its first weekly loss in three.

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