Stocks Stall to Start June as Investor Sentiment Worsens

JPMorgan CEO Jamie Dimon predicted the U.S. economy is headed for a "hurricane"

Digital Content Manager
Jun 1, 2022 at 4:27 PM
facebook twitter linkedin


Wall Street started June off on the wrong foot, with all three major benchmarks settling lower, as traders remain wary of the state of the economy. A sharp drop in job openings in April, coupled with JPMorgan (JPM) CEO Jamie Dimon's predictions of an economic "hurricane," weighed on investor sentiment all day. In turn, the Dow logged a 177-point drop, but did manage to erase some steeper afternoon losses. Both the S&P 500 and Nasdaq settled lower for the second-straight day as well, as a higher 10-year Treasury yield hit the tech sector.

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

  • Struggling tech stock plummets after revenue miss.
  • Options bears weigh on Chewy stock before earnings.
  • Plus, three Chinese EV names soaring; unpacking CRM's beat-and-raise; and strong forecast fails to lift airline stock.

The Dow Jones Average (DJI - 32,813.23) shed 176.9 points, or 0.5% for the day. Salesforce (CRM) added 9.9%, leading the gainers. Walmart (WMT), meanwhile, paced the laggards with a 2.5% drop.

The S&P 500 Index (SPX - 4,101.23) fell 30.9 points, or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,994.46) lost 86.9 points, or 0.7% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 25.69) lost 0.5 point, or 1.9%.

closing indexes june 1

nyse and nasdaq june 1

5 Things to Know Today

  1. United Airlines (UAL) is planning on an $100 million expansion of its pilot training center, as it looks to add over 2,000 pilots amid returning travel demand. (CNBC)
  2. Baby food sales rose 58% in March and April, as parents consider transitioning babies out of the milk phase due to the infant-formula shortage. (MarketWatch)
  3. These 3 Chinese EV stocks popped on upbeat delivery data.
  4. Salesforce stock skyrocketed after posting a beat-and-raise.
  5. Which airline name brushed off a strong quarterly forecast.

earnings june 1

uvol jun 1

Oil Settles Higher Ahead of OPEC+ Meeting

Easing Covid-19 restrictions in China helped oil futures settle higher on Wednesday, amid higher demand hopes. Investors were also eyeing Thursday's Organization of the Petroleum Exporting Countries and their allies (OPEC+) meeting, following reports that the group could exempt Russia from production targets. In turn, July-dated crude rose 59 cents, or 0.5%, to close at $115.26 per barrel.

Gold prices finished marginally higher as well, brushing off rising Treasury yields and a stronger U.S. dollar. Though it lagged behind platinum and silver, the yellow metal still benefited from the broad-market selloff. August-dated gold added 30 cents to settle at $1,843.70 an ounce.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

SCHAEFFER'S JULY STOCKS REPORT AD
 


 


 
Special Offers from Schaeffer's Trading Partners