Market Rollercoaster Plunges: Durable Goods Orders Beat, Consumer Confidence Dives

On Tuesday, the Dow Jones took a steep nosedive following the release of disappointing consumer confidence data. However, a silver lining emerged as durable goods orders surpassed market expectations. While the S&P 500 and Nasdaq also tumbled, the former suffered its third consecutive daily decline. In parallel, the Cboe Volatility Index (VIX), affectionately dubbed Wall Street’s “fear gauge,” secured its third consecutive victory.

Let’s delve further into today’s market landscape, which includes:

• Exciting prospects for ConocoPhillips shares.
• Two cannabis stocks making waves amidst Germany’s legalization movement.
• Exciting upgrades for STX, promising trials for Viking Therapeutics, and a sweet new partnership for Krispy Kreme.

Key Highlights for the Day

1. Despite a jittery debut, Trump Media & Technology Group (DJT) surged up to 50%, leading to a temporary trading halt on volatility. (CNBC)
2. Visa (V) and Mastercard (MA) reached a groundbreaking agreement to reduce and cap credit-card interchange fees in a significant merchant settlement. (MarketWatch)
3. Seagate Technology received accolades from Morgan Stanley for its standout AI potential.
4. Viking Therapeutics experienced a sharp uptick in its stock value following successful trial data.
5. Krispy Kreme Stock soared on the wings of the new McDonald’s partnership.

No major earnings announcements made waves today.

Oil and Gold: A Tale of Two Commodities

On Tuesday, oil prices plummeted amidst Ukraine’s continued assaults on Russian refineries and the Red Sea predicament, leaving around 100 million barrels of oil stranded in international waters. The May-dated West Texas Intermediate (WTI) descended by 33 cents, or 0.4%, to settle at $81.62 per barrel.

In stark contrast, gold prices inched upwards as the U.S. dollar weakened in anticipation of this week’s inflation figures. April-dated gold gained a mere 8 cents, or 0.03%, finishing at $,2176.40 per ounce for the day.

The wisdom imparted here reflects the author’s viewpoint and not necessarily that of Nasdaq, Inc.