Oil prices jumped over 9% after Trump reimposed a naval blockade in the Strait of Hormuz
Stocks finished lower across the board after President Trump said the U.S. is reinstating a naval blockade in the Strait of Hormuz, sending oil prices up more than 9%. The tech-heavy Nasdaq snapped a three-day win streak with a 408-point drop as semiconductor stocks struggled, while the Dow shed triple digits and the S&P 500 finished firmly in the red. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), surged off nearly six-month lows, climbing 14.2% for its biggest one-day percentage gain since June 5.
Continue reading for more on today's market, including:
- This semiconductor stock could be a 'buy the dip' candidate.
- Options focus on Tesla stock despite rocky trading.
- Plus, aluminum stock check-in before earnings; and two new bull notes.
5 Things to Know Today
- Retail investors are eyeing Direxion Daily MSCI South Korea Bull 3X ETF (KORU) after it tanked. (Stocktwits)
- Britain has banned support for Iran's Islamic Revolutionary Guard Corps and a related group after antisemitic attacks. (Reuters)
- With earnings ahead, Alcoa stock has found support after its recent tumble.
- Analyst upgrades underperforming Disney stock.
- Fastenal scores brand-new "buy" rating.
There were no earnings of note today.
Oil Prices Surge Alongside U.S.-Iran Tensions
As mentioned above, oil prices soared after Trump reimposed a naval blockade in the Strait of Hormuz. August-dated West Texas Intermediate (WTI) jumped 9.4% to settle at $78.14.
Fresh off a weekly loss, gold prices moved lower as Middle East tensions spurred concern over elevated interest rates. August-dated gold futures fell 2.6%, settling at $4,005.70 per ounce.