Dow, S&P 500 3-Day Win Streaks Snapped

The Nasdaq spent time on both sides of breakeven today

Managing Editor
Jul 5, 2023 at 4:34 PM
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The Dow logged a triple-digit loss today, halting its win streak at three, with the Fed meeting minutes from June unable to spark a late-afternoon rally. The central bank's notes signaled more interest rate hikes ahead -- albeit at a slower pace. What rattled investors today was news that an unspecified number of Fed officials were in favor of a rate hike last month. The S&P 500 also saw its three-day win streak snapped, while the Nasdaq finished marginally lower, despite a brief foray in the black this morning.

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

  • Options traders who bought the dip on this stock are thrilled.
  • See what cooled off UPS stock today.
  • Plus, chip stock breaks out; Rivian's big day; and how to protect your stock picks. 

Summary 0705

NYSE Nasdaq 0705

5 Things to Know Today

  1. New vehicle sales are rising, even amid interest rate hikes. (Reuters)
  2. What would restricting China's cloud access mean for chip stocks? (MarketWatch)
  3. A short squeeze could mean more gains for Wolfspeed stock.
  4. EV giant now in the black for 2023.
  5. Podcast: protective puts can help a bullish options trader.

There are no earnings reports of note today.

UVOL 0705

Gold Dinged by Hawkish Fed Minutes

Oil futures climbed today, boosted by Saudi Arabia comments at an Organization of the Petroleum Exporting Countries & allies (OPEC+) seminar. August-dated crude tacked on $2.00, or 2.9%, to settle at $71.79 per barrel -- a two-week high.

Gold prices fell as the details of the Fed minutes were unpacked. August-dated gold shed $2.40, or 0.1%, to close at $1,927.10 an ounce. 


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