U.S.-Iran tensions weighed on the Dow today
Though off its midday lows, the Dow dropped 576 points for its largest single-day percentage loss since June 10, as escalating tensions between the U.S. and Iran rattled investors. At the NATO conference in Turkey, President Donald Trump stated “we’re going to hit them hard tonight."
The S&P 500 finished quietly in the red, while the Nasdaq jumped into the black within the last half an hour of trading as chip stocks stabilized. Meanwhile, the Federal Reserve's June meeting minutes showed policymakers remain split on the direction of interest rates. The meeting also marked Kevin Warsh's first as Fed Chair.
Continue reading for more on today's market, including:
5 Things to Know Today
- How the Strait of Hormuz has become a larger priority than Iran's nuclear program. (Reuters)
- Warner Bros (WBD) announced new AI ad technology built on Amazon's (AMZN) Amazon Web Services (AWS). (Stocktwits)
- China-based e-commerce stock Alibaba surged today.
- A Carnival stock check-in amid rising oil prices.
- Why sentiment still favors bulls despite slowing SPX momentum.
There were no earnings of note today.
Crude Jumps as U.S.-Iran Ceasefire Ends
Oil prices rose sharply as the U.S. and Iran resumed their attacks. August-dated West Texas Intermediate (WTI) rose 4.4% to $73.52 per barrel, earlier trading as high as $76.
Gold prices moved quietly lower for a second session, with little change after the U.S. Fed minutes. August-dated gold futures dropped 1.5% to $4,095.30 per ounce.