MMR

Dow Sheds 491 Points Amid Comeback Rally Fakeout

The retail and semiconductor sectors took a heavy beating today

Digital Content Manager
Jun 28, 2022 at 4:28 PM
facebook X logo linkedin


Stocks only deepened their losses this afternoon, with disappointing 12-month inflation expectations and consumer confidence data weighing on investor sentiment. The Dow settled 491 points lower, despite being up over 440 points at its session highs. The S&P 500 and Nasdaq also registered steep losses of their own, as retail and semiconductor stocks took a beating. In other news, big bank names including Morgan Stanley (MS) and Goldman Sachs (GS) hiked their dividends after passing the Federal Reserve's stress test.

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

  • Ford Motor stock is popular among options bears.
  • Is this a bottom for struggling Snowflake stock?
  • Plus, Walgreens' sales update; Nike's post-earnings reaction; and a pre-earnings look at this chip stock.

The Dow Jones Average (DJI -  30,946.99) dropped 491.3 points, or 1.6% for the day. Chevron (CVX) led the gainers, adding 2.4%. Nike (NKE) paced the laggards with a 7% drop.

The S&P 500 Index (SPX - 3,821.55) shed 78.6 points, or 2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,181.54) lost 343 points, or 3% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 28.36) added 1.4 points, or 5.2% for the day.

closing indexes june 28

nyse and nasdaq june 28

5 Things to Know Today

  1. Chinese electric vehicle (EV) name Li Auto (LI) plans to raise $2 billion from U.S. investors through an “at-the-market” stock offering to develop new models. (CNBC)
  2. FTX CEO Sam Bankman-Fried said the crypto exchange platform is not having active mergers and acquisition talks with Robinhood (HOOD) .(MarketWatch)
  3. Why Walgreens Boots Alliance abandoned U.K. business sale.
  4. Nike stock brushed off a quarterly win following a weak forecast.
  5. Checking in with this semiconductor stock ahead of earnings.

earnings june 28

uvol june 28

Oil Prices Rise as China Eases Covid-19 Restrictions

Oil prices were higher on Tuesday to notch their third-straight win. Boosting black gold today was the easing of China's zero-Covid policy, as well as news that the United Arab Emirates and Saudi Arabia are "producing near capacity." In turn, August-dated crude added $2.19, or 2%, to settle at $111.76 per barrel.

Gold prices closed at their lowest level in roughly two weeks. Disappointing consumer confidence data weighed on the precious metal. August-dated gold fell $3.60, or 0.2%, to close at $1,821.20 an ounce.

 

AI has exploded ever since ChatGPT set the world on fire near the end of 2022.

Numerous companies with connections to artificial intelligence have seen their stocks soar.

That includes Nvidia, the poster boy of AI.

Its stock has skyrocketed 716% since ChatGPT’s debut. But here’s the thing …

While everyone’s still counting their money from this first AI boom … Nvidia and countless others have moved on to the next stage.

That includes Big Tech, which is currently making a series of peculiar investments in a few strange companies. This has nothing to do with tech. At least on the surface …

Yet, these strange investments could be the early ripples of a massive wave …Without them, ChatGPT could stop operating … Amazon, Google, Microsoft and more could see profits drop drastically.

In fact, Elon Musk says these investments are critical when it comes to solving the number one problem facing AI.

Now, Silicon Valley legend Michael Robinson has identified two companies that could play a significant role in the solution.

Their stocks just may be the key to AI 2.0.

Find out more about these two companies today.
 (ad)