All three major indexes finished lower for a second day
Stocks settled lower across the board for a second day, with the Nasdaq shedding triple digits, while the Dow and S&P 500 finished in the red as well as the tech sector weighed on the broader market. Chip stocks in particular moved lower after Reuters reported that Chinese customs authorities have advised customs agents that Nvidia's (NVDA) H200 chips are not allowed to enter the country.
Several bank stocks dipped after earnings, with Wells Fargo (WFC) dropping 4.6%, while traders brushed off this morning's PPI and retail sales data. Rising geopolitical risk and Fed concerns dragged sentiment today as well.
Continue reading for more on today's market, including:
- Big Tech giant flashing bull signal.
- Streaming wars continue: The latest from Netflix.
- Plus, why RIVN gapped lower; Chinese probe targets travel stock; and stocks to watch next week.
5 Things to Know Today
- The Trump administration will suspend visa processing for 75 countries, effective Jan. 21. (Bloomberg)
- U.S. personnel pulled back from Middle East bases after Iranian officials warned of consequences if Washington strikes. (Reuters)
- EV stock tumbles following downgrade.
- Options bears are targeting this travel stock.
- 25 stocks to target (and avoid) after MLK Day.
Gold Extends Record Highs
Oil prices landed a straight fifth session in positive territory amid Iranian supply pressure following back-and-forth threats between Iran and the U.S. President Trump said later in the session that he may hold off on attacking Iran, though. February-dated West Texas Intermediate (WTI) crude added 87 cents, or 1.4%, to settle at $62.02 a barrel.
Gold prices hit record highs as geopolitical uncertainty fueled safe-haven demand, and Federal Reserve rate cut hopes drove optimism. February-dated gold futures jumped 1% to $4,644.20.