FB managed to finish the day higher on Zuckerberg's second day of testimony
President Donald Trump this morning warned Russia that U.S. missile strikes in Syria were imminent, sending stocks on a downward spiral out of the gate. While the S&P and Nasdaq briefly broke north of breakeven, all three indexes ended lower. On the other hand, increasing tensions in the Middle East sent oil prices to a three-year high, and fueled demand for "safe havens" like gold. Still, the malleable metal lost some steam after the Fed's March meeting minutes, which suggested the central bank will continue on its course of interest rate hikes.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,189.45) lost 218.6 points, or 0.9%. Exxon Mobil (XOM) was the biggest gainer, surging 0.5% to lead the three other blue-chip winners. Boeing (BA) was the biggest loser, falling 2.2%, while Coca-Cola (KO) ended the day flat.
The S&P 500 Index (SPX - 2,642.19) shed 14.7 points, or 0.6%. The Nasdaq Composite (IXIC - 7,069.03) took a loss of 25.3 points, or 0.4%.
The Cboe Volatility Index (VIX - 20.24) lost 0.2 point, or 1.1%, for the day.
5 Items on Our Radar Today
- Continuing his testimony before Congress, Facebook founder and CEO Mark Zuckerberg today admitted that his own personal information was shared during the Cambridge Analytica breach. Zuckerberg also continued to insist that users have nearly full control over who can see their data, once they decide to share it online. (Reuters)
- The consumer price index (CPI) dipped 0.1% in March. However, the core CPI -- which excludes food and energy costs -- surged 2.1% year-over-year, marking the biggest jump since March 2017, and roughly in line with the Fed's inflation expectations. (Bloomberg)
- 2 biotech stocks charging up the charts.
- Tech stock booming on a big Apple payout.
- 2 pharma stocks to buy right now.
Data courtesy of Trade-Alert
Gold, Oil Surge on Middle East Worries
Tensions in Syria and reported missile strikes in Saudi Arabia fueled fears about supply disruptions, sending oil prices to a three-year high during today's trading. May-dated crude settled up $1.31, or 2%, at $66.70 per barrel.
Gold finished the day at its highest close in over two months, notching a fourth straight gain, as geopolitical worries regarding the Middle East boosted safe-haven demand. June-dated gold futures finished up 1.1%, or $14.10, at $1,360 per ounce. However, the malleable metal pared those gains in after-hours trading following the Fed meeting minutes.