A struggling chip sector weighed on the Dow as well
A struggling chip sector weighed on Wall Street today, after Micron Technology (MU) became the latest semiconductor name to issue a revenue warning. The Dow shed 58 points, while the S&P 500 logged its fourth consecutive drop. The Nasdaq bore the brunt of today's losses, though, extending its losing streak for a third-straight session. Focus is now on July's consumer price index (CPI), which is due out tomorrow and is expected to show cooling inflation, after a recent drop in oil prices.
Continue reading for more on today's market, including:
- Dismal outlook overshadows Signet Jewelers' acquisition.
- Checking in on Cyberark Software stock before earnings.
- Plus, why SOFI moved lower; how options traders responded to MU's news; and Plug Power stock facing resistance.
The Dow Jones Average (DJI - 32,774.41) shed 58.1 points, or 0.2% for the day. Travelers (TRV) led the gainers, adding 1.8%. Salesforce (CRM) paced the laggards, falling 4%.
The S&P 500 Index (SPX - 4,122.47) dipped 17.6 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,493.93) fell 150.5 points, or 1.2% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 21.77) rose 0.5 point, or 2.3% for the day.
5 Things to Know Today
- Norwegian Cruise Line (NCLH) posted a quarterly earnings miss and warned of more volatility ahead, while its outlook came below pre-pandemic levels. (CNBC)
- Ford Motor (F) hiked the price of its all-electric F-150 Lightning pickup truck by $7,000, citing “significant material cost increases and other factors.” (MarketWatch)
- SoFi Technologies stock fell after this bank offloaded more stake.
- Options traders rushed Micron Technology sock after revenue warning.
- Plug Power stock wrestling resistance ahead of tomorrow's earning call.
Gold Prices Rise Ahead of Key Inflation Data
Oil prices edged lower on Tuesday, after Russia reportedly stopped oil flow to Hungary, the Czech Republic, and Slovakia in response to sanctions. Demand concerns weighed on black gold as well. In turn, September-dated crude fell 26 cents, or 0.3%, to settle at $90.50 per barrel for the day.
Meanwhile, gold prices settled higher to notch their best level in six weeks. Today's pop came as investors anticipate the release of key inflation data tomorrow, which is likely to inform the Federal Reserve's next moves. December-dated gold rose $7.10, or 0.4%, to close at $1,812.30 an ounce.