Stocks Fall as Investors Await More Fed Activity

Housing starts for May came in better than anticipated

Deputy Editor
Jun 20, 2023 at 4:28 PM
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Wall Street kicked off a Fed-heavy week by settling lower. Homebuilding stocks managed to outperform today, after May's housing starts beat expectations; however, lagging energy stocks and blue-chip index components weighed on sentiment. In response, the Dow turned in a triple-digit drop, while S&P 500 and Nasdaq finished with more modest losses. 

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

  • Call traders should target Waste Management stock.
  • Private equity firm helped boost PayPal stock.
  • Plus, breaking down investors' caution; meme stock downgraded; and a biotech buyout.

Closing Indexes Summary June 20

NYSE and Nasdaq Stats June 20

5 Things to Know Today

  1. Bed Bath & Beyond revealed plans to separately sell its Buy Buy Baby assets. (CNBC)
  2. Daniel Zhang is set to relinquish his roles as chairman and chief executive at Alibaba (BABA). (MarketWatch)
  3. Is Wall Street's caution overblown?
  4. Palantir Technologies stock dinged by downgrade.
  5. More on Dice Therapeutics big buyout.

There were no earnings of note today.

Unusual Options Activity June 20

Oil, Gold Turn in Losses to Start the Week

July-dated crude lost $1.28, or 1.8%, to close at $70.50 per barrel on the day, after China, the world's second-largest crude importer, cut interest rates.

A stronger U.S. dollar as well as U.S. May housing starts and building permits data pressured bullion lower Tuesday. For the session, August-dated gold shed $23.50, or 1.2%, to close at $1,947.70 an ounce.

 

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