All three major indexes finished the day lower
Despite an earlier lift from President Trump's "very good" phone call with Chinese President Xi Jinping, the major indexes finished the day in the red. The Nasdaq dropped 162 points, snapping a three-day win streak alongside the S&P 500, while the Dow posted a triple-digit loss as well. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) rose for the first time in six sessions.
A public feud between Trump and Tesla (TSLA) CEO Elon Musk garnered plenty of attention, with the EV stock dropping 14.3% on the day. Looking ahead, investors will be focused on tomorrow's nonfarm payrolls report after this week's jobs data showed signs of a softer labor market.
Continue reading for more on today's market, including:
- The soaring AI stock options bulls are targeting today.
- MongoDB stock upgraded after beat-and-raise.
- Plus, behind CHWY's downgrade; why PVH is brushing off upbeat results; and trading tips for market rollercoasters.
5 Things to Know Today
- Consumer goods giant Procter & Gamble (PG) is cutting 7,000 jobs over the next two years as part of a broader restructuring plan. (Reuters)
- U.S. mortgage rates fell for the first time since early May. (Bloomberg)
- Is Chewy stock overvalued? One analyst thinks so.
- Calvin Klein parent plummets on disappointing outlook.
- Incase you missed it: how to play a volatile market.
Commodities React to Trump-Xi Talks
Oil prices climbed after Trump's call with Xi, fueling hopes for demand stability. July-dated West Texas Intermediate (WTI) crude added 52 cents, or 0.8%, to settle at $63.37 per barrel.
Meanwhile, gold retreated as easing U.S.-China tensions sapped demand for the safe-haven asset. August-dated gold futures fell 0.8% to close at $3,371.60 an ounce.