Major Benchmarks Log Losses Despite Big Tech Bounce

Today marked another volatile session on Wall Street, as investors jumped back on the Big Tech bandwagon just hours after its massive selloff started to impact other sectors, including energy and industrials. The Dow closed with a 473-point drop, logging its worst day since Feb. 26. The S&P 500 and tech-heavy Nasdaq closed the session lower as well, despite erasing some of this morning's more substantial losses. Meanwhile, Wall Street's fear gauge -- the Cboe Volatility Index (VIX) -- moved back above the 20-mark to clock its highest close since March 11.

A mix of short-covering, as well as a rush to buy the dip on stocks, were the biggest contributors to today's tech comeback, stoking some of this market volatility. In other news, job openings hit a fresh record in March, though the Labor Department reported employers are struggling to fill these positions.

The Dow Jones Industrial Average (DJI - 34,269.16) shed 473.7 points or 1.4% for the day. Salesforce.com (CRM) led the Dow components with a 0.8% rise, while Travelers (TRV) paced the laggards, falling 3.1%.

Meanwhile, the S&P 500 Index (SPX - 4,152.10fell 36.3 points or 0.9% for the day. The Nasdaq Composite (IXIC - 13,389.43shaved 12.4 points or 0.09% for the day.

Lastly, the Cboe Volatility Index (VIX - 21.84) added nearly 2.2 points or 11.1% for the day.

closing summary 0511

nyse nasdaq 0511

Corporate Earnings May 11

UVOL 0511

GOLD SNAPS FOUR-DAY WINNING STREAK 

Oil prices turned volatile on Tuesday but ultimately finished slightly higher as Colonial Pipeline worked to restore its systems by the end of the week, following a cyberattack that forced shutdowns. In turn, June-dated crude added 36 cents, or 0.3%, to settle at $68.55 per barrel. 

Gold prices snapped a four-day winning streak, however, as they fell from a three-month high. Weighing down the yellow metal was a rise in U.S. Treasury yields, which impacted demand. As a result, June-dated gold shaved $1.50, or 0.1%, to settle at $1,836.10 an ounce. 

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.