The major indexes suffered their first losses in three sessions
All three major indexes suffered their first loss in three sessions, brushing off a flood of strong corporate earnings reports. The Nasdaq dropped 387 points as chip stocks declined, while Alphabet (GOOGL) fell 4.4% after the company delayed the release of Gemini 3.5 Pro. The S&P 500 and Dow finished comfortably in the red as well, with the latter reversing its earlier gains even after UnitedHealth Group's (UNH) strong quarterly results. More big name results are on the way, with all eyes on Netflix (NFLX) after the bell.
Continue reading for more on today's market, including:
- 15 stocks short sellers are loving this month.
- Can PulteGroup stock keep up its post-earnings streak?
- Plus, an options strategy for earnings season; and 2 notable earnings reports today.
5 Things to Know Today
- Drug development odds will become public for the first time, with Kalshi to allow bets on U.S. Food & Drug Administration (FDA) regulatory review outcomes. (Reuters)
- Retail traders emerge amid PayPal buyout buzz. (Reuters)
- Long straddles are a good way to play earnings season.
- Taiwan Semiconductor posted a mixed report, sending the stock lower.
- More on UnitedHealth earnings, which blew past estimates.
Oil in Focus as Middle East Tensions Ramp Up
Oil prices fell today, as investors kept an eye on Middle East tensions. Notably, Iran has asked Yemen’s Houthi movement to be prepared to close the Red Sea oil route, if the United States strikes Iranian power infrastructure. August-dated West Texas Intermediate (WTI) crude fell 0.8% to $78.95 a barrel.
Gold prices fell as Wall Street mused over the future of interest rates, pressuring Treasury yields higher. August-dated gold futures dropped 1.4% to $3,994.30 per ounce.