The Dow lost 94 points on Tuesday
Stocks took a step back today, as the highly anticipated Federal Reserve meeting kicked off. Investors are keeping a close eye on tomorrow's commentary, which is expected to drive market direction depending on the tone the Fed takes regarding tapering and monetary policy. Economic data also weighed on markets today. There was a worse-than-expected decline in retail sales for May, while producer prices saw their most accelerated year-over-year rise on record. The Dow and Nasdaq both saw substantial losses, with the former shedding 94 points and the latter snapping a three-day win streak. The S&P 500 also sank and lost a three-day streak of its own, while distancing itself from yesterday's record highs.
Continue reading for more on today's market, including:
- One short seller just ripped DraftKings stock apart.
- Is CVS stock ready for a comeback?
- Plus, SAGE sinks on drug data; why FAST slowed down; and XOM nabs bull notes.
The Dow Jones Average (DJI - 34,299.33) lost 94.42 points, or 0.3% for the day. Chevron (CVX) led the Dow components with a 2.5% rise, while JPMorgan Chase & Co (JPM) paced the laggards, falling 1.5%.
Meanwhile, the S&P 500 Index (SPX - 4,246.59) lost 8.6 points, or 0.2%. The Nasdaq Composite (IXIC - 14,072.86) added 101.3 points, or 0.7% for the day.
Lastly, the Cboe Volatility Index (VIX - 17.02) dropped 0.6 point, or 3.8%.
- The National Association of Home Builders/ Wells Fargo Housing Market Index (NAHB) fell two points in June to 81 -- marking its lowest level since August. Sentiment has been dampened by rising construction costs, which have helped push home prices higher. (CNBC)
- Bankruptcy filings in May were 29% lower than they were at the same point last year, with nearly 181,000 bankruptcy cases filed so far in 2021 according to the American Bankruptcy Institute. (MarketWatch)
- Sage Therapeutics' depression drug just met its main goal, but there are some long-term concerns.
- Why Fastenal stock felt headwinds today.
- A shift in analyst sentiment could help Exxon Mobil stock move higher.
There are no earnings of note today.
Oil Hits Two-and-a-Half Year High; Gold Sinks Lower
Oil prices picked back up their rally on Tuesday, surging to their highest settlement in over two-and-a-half years. Investors are looking ahead toward tomorrow's Energy Information Administration (EIA) report, with crude supplies expected to fall by 4.2 million barrels last week. July-dated crude added $1.24, or 1.8%, to settle at $72.12 per barrel.
Gold prices hit another one-month low today, with the precious metal pressured lower by building anticipation surrounding the two-day Federal Reserve meeting. August-dated gold dipped $9.50, or 0.5%, to settle at $1,856.40 an ounce.