Wall Street resumed its grim performance despite the S&P 500 and Nasdaq's brief reprieve yesterday. The Dow suffered its fifth consecutive daily drop, while all three indexes logged steep weekly losses. The Nasdaq snapped its eight-week win streak, which was its longest weekly win streak since March 2019, while the S&P let go of five weeks of gains.

Renewed recession fears and a continued lift in inflation levels jilted investor sentiment today, with most eyes focused on tech and artificial intelligence (AI) stocks. The Cboe Volatility Index (VIX) managed to eke out a daily win, though it still logged its fourth-straight weekly loss.

GOLD LOGS WORST WEEK SINCE OCTOBER

Oil continued its string of daily losses as commodity investors worried of a slowing economic outlook. August-dated crude shed $1.07, or 1.5%, to close at $68.44 per barrel on the day, and off 4.8% for the week.

After falling to multi-month lows and logging three consecutive losses, gold futures managed to snag a win for Friday's session as interest rate buzz settled slightly. August-dated gold added $5.90, or 0.3%, to close at $1,929.60 an ounce. For the week, gold fell 2.1%, its biggest drop since October.

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