April 5, 2022

April 5, 2022

U.S. stocks closed down today as investors weighed hawkish remarks made by the Federal Reserve that indicated policymakers were ready to raise interest rates more aggressively to rein in inflation.

 

Dow Jones finished -281 at 34,641

S&P 500 finished -58 at 4,525

NASDAQ finished -328 at 14,204

 

The 10 Year Treasury closed up 14 basis points yielding 2.55%

Oil prices closed down $3.15 ending at $100.13 a barrel.

Gold prices closed down $8.50 ending at $1,925 an ounce.

 

In the days’ stock news:

 

  • Carvana closed down more than 8% after a downgrade to sector perform at RBC Capital Markets. RBC said in a note that it was skeptical that Carvana’s fundamentals could support its expansion plans.
  • Coinbase closed down 7.6% on Tuesday after investment firm Mizuho highlighted spending on nonfungible tokens as a rising cost for Coinbase. Mizuho also cut its price target on the stock.

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