Tech sector weakness weighed on Wall Street
The Nasdaq and S&P 500 settled lower on Friday after earlier hitting record highs, as traders awaited Iran’s official response to a U.S. peace proposal. A senior Iranian official told Iran's state-owned media that the country would not reopen the Strait of Hormuz with an “unrealistic plan” or end the war if the U.S. did not pay reparations for damages. The Dow shed 313 points as optimism around another batch of earnings faded, and losses from Amazon.com (AMZN) and semiconductor names like Broadcom (AVGO) and Micron Technology (MU) weighed.
Continue reading for more on today's market, including:
- Options traders eye 2 burger giants after earnings.
- Bull signal shines light on Cleveland-Cliffs stock.
- Plus, bullish DASH bets build; more on Snap's Q1; and IonQ's impressive sales.
5 Things to Know Today
- New York officials approved a $268 billion budget including childcare funding and new housing taxes. (The New York TImes)
- Brazil's President Luiz Inacio Lula da Silva met with President Donald Trump to discuss trade, security, and critical minerals amid tariff tensions. (Reuters)
- DoorDash stock breaks out after strong earnings.
- Snap shares sink on an underwhelming outlook.
- Despite today's fall, analysts are optimistic toward IONQ.
Gold Pops as Investors Hope for Peace Deal
Oil prices settled lower on Thursday, as investors await Iran's formal response to a U.S. peace proposal to end the war and reopen the Strait of Hormuz. June-dated West Texas Intermediate (WTI) fell 0.3% to settle at $94.81 per barrel.
Gold prices surged to their highest level in two weeks, fueled by U.S.-Iran peace deal hopes. June-dated gold futures gained 1.1% to settle at $4,745.90 an ounce.