Stock Market Today Stocks Close Lower After Roller-Coaster Session Kiplinger Kiplinger is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.

Stock Market Today Stocks Close Lower After Roller-Coaster Session

The major market indexes were all trading sharply lower after this morning's economic data, but came off their session lows by the close. (opens in new tab) (opens in new tab) (opens in new tab) Newsletter sign up Newsletter (Image credit: Getty Images) By Karee Venema published 5 October 2022 Stocks opened sharply lower Wednesday following two straight days of red-hot gains as yields on government bonds resumed their recent climb. The 10-year Treasury yield jumped 13.6 basis points to 3.753% after today's round of data pointed to a resilient U.S. economy. (A basis point is equivalent to 0.01%.)

Should You Buy the Mobileye Self-Driving Car IPO? The economic reports released this morning included the ADP employment report that showed the U.S. added a higher-than-expected 208,000 private-sector jobs in September. Additionally, the Institute for Supply Management's (ISM) services purchasing managers' index slipped to 56.7% in September from the August reading of 56.9%. So while activity in areas such as restaurants and hotels slowed last month, it still remained exceptionally strong.

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Profit and prosper with the best of Kiplinger's expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger's expert advice - straight to your e-mail. Sign up The equity market's big moves higher on Monday and Tuesday "came on the back of multiple economic data points, all helping markets point towards a sooner-rather-than-later Fed pivot," says Stefanos Bazinas, execution strategist at the New York Stock Exchange. "Today's round of economic data, however, has reversed some of this Fed pivot optimism." Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. Still, despite that early selloff that saw major market indexes down between 1%-2%, all three finished well off their session lows. At the close, the Dow Jones Industrial Average was down 0.1% at 30,273, while the S&P 500 Index (-0.2% at 3,783) and the Nasdaq Composite (-0.3% at 11,148) ended with modest losses. (Image credit: YCharts) Other news in the stock market today:The small-cap Russell 2000 fell 0.7% to 1,762.Gold futures slipped 0.6% to settle at $1,720.80 an ounce.Bitcoin edged down 0.5% to $20,127.02. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)Helen of Troy (HELE (opens in new tab)) jumped 3.3% after the consumer products maker, whose brands include Braun and Vicks, reported earnings. In its fiscal second quarter, HELE reported earnings of $2.27 per share on revenue of $521.4 million, beating analysts' consensus estimates.

The Pros Favorite Oil Stocks

Energy stocks got a big boost today after OPEC+ issued its biggest supply cut since the early days of the pandemic. Specifically, the Organization of the Petroleum Exporting Countries and its allies said they will decrease production by 2 million barrels per day in an effort to buoy oil prices, which have been spiraling in recent months amid fears of slowing demand.

10 High-Paying Dividend Stocks Yielding 5% or More In reaction to the news, U.S. crude futures spiked 1.4% to $87.76 per barrel and the energy sector handily outperformed, jumping 2.1%. Today's move by OPEC marks a win for oil bulls – including Warren Buffett, whose Berkshire Hathaway (BRK.B (opens in new tab)) holding company has been steadily increasing its shares of Occidental Petroleum (OXY (opens in new tab)) in recent quarters – sparking rumors of potential buyout. While Buffett is upbeat on Occidental, analysts are not, giving the stock a consensus Hold recommendation. But while OXY may not be one of the best oil stocks to buy now, according to Wall Street pros, these three names certainly are. Check them out.

11 Stock Picks That Billionaires Love Explore More Stock Watch Markets Stock Market Today Karee VenemaContributing Editor, Kiplinger.comWith over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis. Latest What Tech Layoffs Mean for Investors News of massive tech layoffs is making the rounds on Wall Street, but investors shouldn't be too worried. By Will Ashworth • Published 10 November 22 Inflation Cools in October: What the Experts Are Saying The October CPI report was a small win for the Fed ... and a big win for the stock market. By Dan Burrows • Published 10 November 22 You might also like Stock Market Today: Stocks Snap Win Streak as Midterm Results Roll In A continued selloff in cryptocurrencies and crypto-related stocks put pressure on the broader market today, too. By Karee Venema • Published 9 November 22 Stock Market Today: Huge Crypto Deal Shakes Up Nasdaq News that crypto exchange Binance will buy its rival sent Bitcoin and several tech stocks into a tailspin. By Karee Venema • Published 8 November 22 Stock Market Today: Stocks Rise Ahead of Midterms The Dow outperformed thanks to a major M&A-related boost for drugstore chain Walgreens Boots Alliance. By Karee Venema • Published 7 November 22 Stock Market Today: Stocks Swing Wildly After October Jobs Data The major indexes ended with their first win of the week thanks to the latest jobs report. By Karee Venema • Published 4 November 22 Kiplinger's Weekly Earnings Calendar (Nov. 7-11) stocks Check out our earnings calendar for the upcoming week. By Karee Venema • Last updated 9 November 22 Stock Market Today: Stocks Fall Again as Fed Hangover Persists The major market indexes notched a fourth straight loss as Powell's rate-hike warning kept investor sentiment in check. By Karee Venema • Published 3 November 22 Stock Market Today: Stocks Post-Fed Pop Reverses After Powell Takes the Mic It was a volatile session on Wall Street as investors parsed over the Fed's latest policy statement and Powell's presser. By Karee Venema • Published 2 November 22 Stock Market Today: Stocks Retreat After Strong Job Openings Data The latest jobs data comes as the Fed kicked off its two-day meeting, with another jumbo-sized rate hike expected to be announced tomorrow. By Karee Venema • Published 1 November 22 View More ▸ kiplinger About Us (opens in new tab) Terms and Conditions (opens in new tab) Privacy Policy (opens in new tab) Cookie Policy (opens in new tab) Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site.
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