All three benchmarks are coming off five-straight daily wins
All three major benchmarks fell from yesterday's record highs, each snapping five-day win streaks. The Nasdaq ended the day with triple-digit losses, while the Dow and S&P 500 finished firmly in the red as well. The U.S. Case-Shiller index added 2.1% in April, and 16.6% year-over-year in May -- a new record high for home prices -- as demand for housing continues to surge. Elsewhere, the Fed's two-day policy meeting kicked off today, and investors are looking forward to big-name earnings from Alphabet (GOOG), Microsoft (MSFT), and Apple (AAPL) after the close.
Continue reading for more on today's market, including:
- Analysts chime in on Starbucks stock as company makes moves.
- Why SWK shrugged off an upbeat quarterly report.
- Plus, IRBT struggling with resistance; price-target hikes for TSLA; and SHW's earnings miss.
The Dow Jones Average (DJI - 35,058.52) fell 85.8 points, or 0.2%. Of the 30 Dow components, McDonald's (MCD) was at the top of the list today, adding 1%, while Intel (INTC) landed at the bottom of the list with a 2.1% drop.
Meanwhile, the S&P 500 Index (SPX - 4,401.46) shed 20.8 points, or 0.5%, and the Nasdaq Composite (IXIC - 14,660.58) lost on 180.1 points, or 1.2%.
Lastly, the Cboe Volatility Index (VIX - 19.36) added 1.8 points, or 10.1%.
- Home Depot will be using Bluetooth to deter organized retail crime, preventing stolen items from working. (Marketwatch)
- A one-of-a-kind Wu-Tang Clan album, which was forfeited as part of Martin Shkreli’s criminal conviction, was sold by the U.S. government. (CNBC)
- A look at IRBT ahead of tomorrow's earnings.
- Analyst bulls target TSLA after a top- and bottom-line beat.
- Sherwin-Williams stock could be on track to snap five straight weekly wins.
Gold Prices Still Below $1,800
Oil prices moved lower for a second-straight day, as supply/demand concerns and the spread of the coronavirus continue to weigh. September-dated crude fell 26 cents, or 0.4%, at $71.65 a barrel.
Gold futures rose slightly higher, though the precious metal still settled below the significant $1,800 level, as investors await the conclusion of the Fed's two-day policy meeting. August-dated gold added 60 cents, or 0.03%, to end at $1,799.80 an ounce.