Can legislators avoid the potential default deadline?
Stocks closed mixed on Tuesday, as investors questioned whether or not Congress will pass legislation to raise the U.S. debt ceiling before the potential default deadline, with many lawmakers still not back in Capitol Hill. Fears of another interest rate hike weighed on stocks as well, with the Dow shedding 50 points. Meanwhile, the S&P 500 finished flat, and the Nasdaq nabbed a third-straight daily gain.
Continue reading for more on today's market, including:
- Options traders love these 3 AI stocks.
- Macy's stock struggling before earnings.
- Plus, tailwinds blowing for IOVA, and 2 analyst upgrades to unpack.
Things to Know Today
- Theranos CEO Elizabeth Holmes reported to prison to begin her more than 11-year sentence after being convicted on four counts of defrauding investors. (CNBC)
- The European Central Bank warned the zone's top banks could be in trouble if financial clients withdrew their deposits or ran into financial challenges. (Reuters)
- Why Iovan Biotherapeutics stock surged today.
- ChargePoint stock upgraded on scale and diversity.
- Analyst: Crypto stock could deliver long-term returns.
There were no notable earnings reports today.
Oil Prices Break Below $70
Oil price settled lower on Tuesday for their first close below the $70 region since May. Inflation woes and higher crude supplies pressured the commodity. July-dated crude dropped $3.21, or 4.4%, to close at $69.46 per barrel.
Meanwhile, gold prices settled higher as Treasury yields pulled back. Investors also kept a close eye on U.S. debt ceiling progress. June-dated gold added $14, or 0.7%, to close at $1,977.10 an ounce.