Iran hostilities are impacting sentiment abroad, while semis sell off at home
Wall Street's dramatic day ended with a thud, as tech stocks resumed their selloff and moved closer to correction territory. The Nasdaq lost 250 points despite trading up triple digits in the morning, as semiconductors and memory giants crumble under the weight of short selling and profit taking. The tech-heavy index traded within a nearly 1,300 point range, even breaching 25,000 at its session lows.
The Dow suffered a similar 1,000-point pivot and then pared those losses, ultimately eking out a modest win. The S&P 500 followed similar price action to finish lower. Sentiment took hit later in the session after an Iranian drone reportedly shot down an U.S. Apache helicopter, with President Donald Trump promising a response.
Continue reading for more on today's market, including:
5 Things to Know Today
- Social security is staring down a deadline in 2032, new study finds. (CNBC)
- SpaceX is only the beginning: AI giants are preparing their IPO's. (Reuters)
- Buy the dip on this data center stock.
- Vail Resorts stock crashes after earnings whiff.
- Why this biotech stock bucked the selloff today.
Oil Breaches $90 But Stays Alert After Apache Attack
Oil prices fell, but came off their session lows after the reports of the Apache attack. July-dated West Texas Intermediate (WTI) shed 3.4% to settle at $88.20 a barrel.
Gold prices fell for the third straight session, even after President Trump's threats against Iran. August-dated gold futures lost 0.9% to settle at roughly $4,323 per ounce.