The Dow turned in a triple-digit loss
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.
5 Things to Know Today
- Bed Bath & Beyond revealed plans to separately sell its Buy Buy Baby assets. (CNBC)
- Daniel Zhang is set to relinquish his roles as chairman and chief executive at Alibaba (BABA). (MarketWatch)
- Is Wall Street's caution overblown?
- Palantir Technologies stock dinged by downgrade.
- More on Dice Therapeutics big buyout.
There were no earnings of note today.
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.