The Dow hit an intraday record high high before diving into the red
Stocks finished lower across the board as the chip sector extends its volatile streak with a sharp selloff that began overseas. The S&P 500 logged its first losing session in three, while the tech-heavy Nasdaq shed 302 points. The Dow also pulled back from its early-morning record high to finish with a triple-digit loss. Investors are keeping an eye on rising oil prices, and looking ahead to the Federal Reserve's June meeting minutes, due out tomorrow at 2 p.m. ET.
Continue reading for more on today's market, including:
5 Things to Know Today
- After a wave of bullish ratings, MoffettNathanson initiated coverage on SpaceX (SPCX) with a "neutral" rating. (Stocktwits)
- The International Olympic Committee (IOC) has lifted Russia's suspension.(Reuters)
- Analyst sees attractive entry point for First Solar stock.
- Rivian Automotive stock crashes after share offering.
- Why sentiment still favors bulls despite slowing SPX momentum.
There are no earnings of note today.
Oil Rises After Iran Attacks
Oil prices rebounded after Iran attacked ships in the Strait of Hormuz. Plus, a U.S. official told CNBC that the Treasury Department is revoking the license that permits Iranian oil sales. August-dated West Texas Intermediate (WTI) rose 2.8% to $70.44 a barrel.
Gold prices moved quietly lower after last session's two-week highs. August-dated gold futures dropped 1% to settle at $4,125.80 per ounce.