All three major indexes pared modest gains from the morning
Stocks flipped into red territory this afternoon, with the Dow paring a triple-digit lead to finish 155 points lower, as the S&P 500 tumbled and the Nasdaq fell flat. Traders remain uncertain about President Trump's tariff policies, especially after Commerce Secretary Howard Lutnick suggested exemptions for smartphones, chips, and computers may be temporary.
Earnings season was also in focus as the bank sector shared upbeat results, with reports to come from Boeing (BA) and Netflix (NFLX) later this week. Despite the choppy trading and low-volume session today, the Cboe Volatility Index (VIX) logged a third-straight loss.
Continue reading for more on today's market, including:
- Defense stock testing key trendline before earnings.
- Keep tabs on these 3 discount retailers.
- Plus, BA grounded; bank earnings to unpack; and how tariffs impact the 'Broligarchs.'
5 Things to Know Today
- President Trump threatened to revoke Harvard’s tax-exempt status after the university rejected demands to change its governance structure. (Wall Street Journal)
- CEO Mark Zuckerberg considered separating Instagram from Meta Platforms (META) in 2018, per an email presented to the court during his second day of testimony in the Federal Trade Commission’s (FTC) antitrust trial. (CNBC)
- China's delivery halt pressures Boeing stock.
- 2 bank stocks higher on upbeat quarterly results.
- Can the Broligarchs weather a tariff-driven storm?
Gold Moves Higher on Softer Greenback
Oil prices fell on Monday, after the International Energy Agency (IEA) followed in the Organization of the Petroleum Exporting Countries' (OPEC) footsteps and lowered its demand outlook, though tariffs tapered losses. May-dated West Texas Intermediate (WTI) crude fell 21 cents, or 0.3%, to finish at $64.67 per barrel.
A softer U.S. dollar and safe-haven demand drove gold higher today. June-dated gold was last seen up 0.6% at $3,245 an ounce for the session.