The Dow and Nasdaq both pared triple digit gains with just a half hour left in trading
All three major indexes were poised to bounce back today, until a last-minute collapse pared gains. The Dow and S&P 500 were on their way to outsized wins with a half hour to go, but ultimately inched into the red for their third-straight daily losses. The Nasdaq held on, but remains below the psychologically-significant round-number 19,000 level.
While bond yields -- the market's main source of ire the last two days -- retreated later in the day, the 10-year Treasury yield still remains near its highest level since 2007, and the late-afternoon collapse shows they are still on investors' minds.
Continue reading for more on today's market, including:
- Software stock getting an avalanche of analyst praise.
- Refresh yourself on the stock market schedule.
- Plus, crypto stocks rise; a short squeeze candidate; and solar energy stocks in peril.
5 Things to Know Today
- April home sales dropped to their lowest level since 2009. (CNBC)
- The European Central Bank (ECB) could pause rate cuts this summer. (Reuters)
- 3 cryptocurrency stocks riding the Bitcoin (BTC) wave.
- This chip stock could burn short sellers next week.
- Alternative energy stocks left out to dry in tax bill.
Oil in a Slump as OPEC+ Production Increases Loom
Oil prices extended their rut, this time weighed down by reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+), was considering a production increase this summer. June-dated West Texas Intermediate (WTI) lost 37 cents, or 0.6%, to settle at $61.20 per barrel.
Gold prices pulled back today, as profit taking and a stronger dollar emerged. June-dated gold futures lost 0.4% to finish at $3,301 per ounce.