Dow Resumes Slide with Triple-Digit Drop

Still no agreement on the U.S. debt ceiling

Digital Content Manager
May 16, 2023 at 4:27 PM
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The Dow shed 336 points on Tuesday, marking its sixth loss in seven sessions and lowest close since March after a disappointing quarterly report from Home Depot (HD). The S&P 500 and Nasdaq both settled lower as well.

Investors kept an eye on retail sales for April, which rose less than analysts anticipated. A meeting between President Joe Biden and congressional officials over the U.S. debt ceiling was also in focus, with the country at risk of defaulting as soon as June 1 if they can't reach an agreement before then.

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

Closing Index Summary May 162023

NYSE and Nasdaq Stats May 162023

 Things to Know Today 

  1.  The U.S. government accused another former Apple (APPLE) employee from China of stealing trade secrets from the company’s self-driving car division. (CNBC)
  2. Alphabet (GOOGL) will begin deleting accounts unused for two years starting December as it works to prevent security threats such as hacks. (Reuters)
  3. Viking Therapeutics stock slipped despite strong trial data.
  4. Home Depot's sales forecast weighed on Lowe's stock, too.
  5. Buffet's Berkshire Hathaway took a big stake in Capital One.

Earnings May 162023

Unusual Options Activity May 162023

Gold Prices Close Below Key Level

Oil prices settled lower on Tuesday, amid weak economic data out of the Euro zone and China, as well as the U.S. debt ceiling standstill. June-dated crude dropped 25 cents, or 0.4%, to close at $70.86 per barrel.

Gold prices also finished lower, slipping firmly below the psychologically relevant $2,000 for the first time in about two weeks. June-dated gold shed $29.70, or 1.5%, to close at $1,933 an ounce.

 

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