Seagate (SGX) and Micron (MU) led today's selloff
Stocks closed mixed Monday as weakness in the technology sector weighed on Wall Street, while investors kept a close eye on oil prices, elevated Treasury yields, and escalating Middle East tensions. The Nasdaq led the retreat as chip stocks sold off, with Seagate (SGX) and Micron (MU) both moving sharply lower. The S&P 500 also finished the day in the red, extending Friday's pullback from all-time highs, while the Dow nabbed a triple-digit win.
Continue reading for more on today's market, including:
- Travel stock flashing historically bullish signal amid highs.
- Toll Brothers' earnings history sets up a grim landscape.
- Plus, bulls target NOW; NEXT's acquisition; and 3 energy and cybersecurity stocks to monitor.
5 Things to Know Today
- Elon Musk lost his lawsuit against OpenAI after a three-week trial. (Reuters)
- The Trump Administration created a $1.8 billion fund tied to withdrawn lawsuits against federal investigations and agencies. (Wall Street Journal)
- ServiceNow stock popped on fresh BofA Global Research "buy" rating.
- NextEra merged with Dominion Energy in a multi-billion-dollar deal.
- Energy and cybersecurity names that outperformed today.
Oil Prices Continue to Rise
Oil prices moved higher Monday after reports suggested the U.S. dismissed Iran’s latest offer, fueling renewed worries that tensions could intensify and further pressure global oil supplies. June-dated West Texas Intermediate (WTI) rose 3.1% to $108.66 per barrel.
Gold inched lower amid climbing bond yields and surging oil prices, with geopolitical tensions tied to inflation worries. June-dated gold futures fell 0.1% to $4,558 per ounce.