Bond yields are doing their damage at home as geopolitical tensions abroad simmer
Wall Street took a breath today, with all three major indexes finishing in the red. The Dow shed 620 points -- its worst single-session decline since March 27 -- to halt the blue-chip index's win streak at five. The S&P 500 and Nasdaq also spent the day in the red to snap their nine-day win streaks, the tech-heavy latter breaching 27,000. Rising bond yields brought on by a stronger-than-expected ADP payrolls report put a dent in the tech stock rally today. Elsewhere, renewed hostilities between the U.S. and Iran over Kuwait missile strikes have oil prices back on the move.
Continue reading for more on today's market, including:
- These heavily-shorted stocks could still make bears pay.
- Gold stock flashing signal for options bulls.
- Plus, Macy's earnings analysis; headwinds for SHAK; and Samsara in focus.
5 Things to Know Today
- Europe is trying to wean off its reliance on U.S. tech titans. (CNBC)
- SpaceX is reportedly pricing its initial public offering (IPO) at $135. (Reuters)
- Macy's earnings pop brings could burn short sellers.
- Why all the bear notes for Shake Shack stock?
- Samsara stock tests a key trendline as earnings loom.
Black Gold Makes it 3 Straight
Oil prices are now on a three-day heater as the U.S. and Iran renew fire. July-dated West Texas Intermediate (WTI) added over 2% to settle at $96.02 a barrel.
Gold prices joined equities lower today, as inflationary pressures remained. June-dated gold futures shed 1.1% to $4,468.60 per ounce.