All three major benchmarks nabbed record closing highs
The Dow jumped 182 points to a fresh record close Wednesday, while the S&P 500 and Nasdaq eked out record closes of their own after a volatile trading session. Falling oil prices helped lift sentiment, though momentum in the chip sector cooled. Meanwhile, traders kept a close eye on Middle East headlines after reports that Iran plans to restore commercial traffic through the Strait of Hormuz were later denied by the White House.
Continue reading for more on today's market, including:
- Retail stock tests key support before earnings.
- Video game giant flashing bearish signal.
- Plus, more on ANF's Q1 pop, ZS triggered sector selloff, and can't-miss market data.
5 Things to Know Today
- Israel extends combat zone northward amid escalating combat. (Reuters)
- Pentagon plans major reduction in U.S. military support for NATO allies during potential European conflicts. (The Wall Street Journal)
- Abercrombie's earnings sent the stock surging.
- Cloud stock rally crashed against weak guidance.
- Hot Memorial Day market data straight off the grill.
Commodities Sharply Lower
Oil prices continued to cool Wednesday after Secretary of State Marco Rubio said the U.S. will give talks with Iran “every chance to succeed.” June-dated West Texas Intermediate (WTI) fell nearly 5% to settle at $88.68 per barrel.
Gold prices fell to a two-month low as rising inflation and geopolitical uncertainty pressured the yellow metal. June-dated gold futures shed 1.2% to settle at $4,448.90 per ounce.