The Federal Reserve's "Beige Book" highlighted tariff concerns
The major indexes struggled for direction today following a disappointing ADP jobs report and ISM services PMI. The Dow dropped into the red by the close, snapping its four-day win streak, while the Nasdaq and S&P 500 still managed to notch third-straight gains. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), marked its fifth session in the red.
Meanwhile, the Federal Reserve's "Beige Book" showed the U.S. economy contracted over the past six weeks as hiring slowed down. It also highlighted both businesses and consumers are concerned about rising prices in relation to tariffs.
Continue reading for more on today's market, including:
- Fast food stock's bull signal has never been wrong.
- Get a head start with next week's economic schedule.
- Plus, how to trade during Trump volatility; retailer suffers post-earnings plunge; and software stock brushing off an earnings beat.
5 Things to Know Today
- U.S. budget deficits could add over $2.42 trillion over the next 10 years, should the GOP budget bill get the green light. (Bloomberg)
- The U.S. Navy has signed a $1.1 billion deal with RTX's (RTX) defense unit Raytheon to supply short-range AIM-9X Block II missiles. (Reuters)
- How to ride the wave of Trump trading psychology.
- Discount retailer suffers steep post-earnings slide.
- Why this software name brushed off an earnings beat.
Gold on the Rise as U.S. Dollar Falters
Oil prices inched lower today amid tariff tensions. A bigger-than-expected increases in gasoline and diesel stockpiles overshadowed the 4.3 million barrel drop in U.S. crude inventories, July-dated West Texas Intermediate (WTI) crude shed 0.9% to settle at $62.85 a barrel.
Gold prices climbed today, boosted by a weaker U.S. dollar and economic uncertainty across the globe. Gold futures rose 0.7% to settle at $3,399.20.