The Dow closed out the first full week of January with a steep triple-digit loss, marking its fifth weekly decline in six. This dismal price action followed a much hotter-than-expected private payrolls report, which dragged the Nasdaq and S&P 500 sharply lower as well, resulting in a second-straight weekly loss for both.Investors are losing hope for another interest rate cut this year, with odds for a March cut falling to around 25% from 41% in just one day, per the CME Fedwatch tool. Meanwhile, the 10-year Treasury yield hit its highest level since 2023, and the Cboe Volatility Index (VIX) nabbed solid daily and weekly gains.
Gold, Oil Prices Rally to Nab Weekly Wins
Oil prices settled higher Friday, with cold weather across the U.S. and supply jitters supporting prices. Plus, the U.S. Treasury Department imposed sanctions on Russian oil companies. February-dated West Texas Intermediate (WTI) crude added $3.23, or 4.4%, to settle $77.15 per barrel. Black gold added 4.4% for the week. Gold prices settled higher as well, brushing off hotter-than-expected jobs data amid uncertainty over Trump’s policies. Gold for January delivery gained 1.4%, to settle at $2,727.90 an ounce. For the week, the safe-haven commodity added more than 1%.More By This Author:Wall Street Eyes Another Weekly Loss As Rate-Cut Hopes Fall
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