Biotech Stock Defies Broad-Market Slide

The Cboe Volatility Index (VIX) reclaimed the 20 level today

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Schaeffer's Market Recap
5/04/2021
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Big Tech Selloff Prompts "Fear Gauge" Spike


By: Fernanda Horner

After trading deep in triple-digit territory the entire day, the Dow managed a frantic late-afternoon surge to finish marginally higher. But for most of the session, a Big Tech selloff and cautionary interest rate comments from U.S. Treasury Secretary Janet Yellen took a toll on Wall Street.

The S&P 500 finished in the red, while the tech-heavy Nasdaq registered its third-straight loss, with FAANG names all shedding at least 1%. Amid growing concerns over rising inflation, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), surpassed the 20 level for the first time since March.

Continue reading for more on today's market, including:

  • This video game name lagged ahead of earnings.
  • An oral Covid-19 vaccine update sends VXRT surging.
  • Plus, high costs weigh on iRobot stock; XPO shrugs off guidance boost; and unpacking Pfizer's quarterly results.
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