SanDisk (SNDK) dragged risk-on sentiment today
With all eyes on a potential deal to reopen the Strait of Hormuz, markets traded mixed for most of the day. The Dow finished with a 464-point loss, snapping a five-day win streak, after a plan to reopen the Strait of Hormuz will reportedly ban U.S. movement. The S&P 500 and Nasdaq traded on both sides of the aisle throughout the session but ultimately finished lower, with SanDisk (SNDK) sparking a memory stock selloff.
The small cap Russell 2000 (RUT) extended yesterday's pullback, but remained above the key 3,000 level, while the Cboe Market Volatility Index (VIX) logged its lowest close since July 10.
Continue reading for more on today's market, including:
- Signal says Shopify stock has yet to hit its top.
- Pre-earnings buzz building for SpaceX rival.
- Plus, Moderna's FDA green light; oil's impact; and earnings to watch next week.
5 Things to Know Today
- United Wholesale Mortgage, or UWM Holdings (UWM) suffered a roughly 40% bear gap on the back of a suspended dividend and other company updates. (CNBC)
- Around 345 people have been struck ill following a salmonella outbreak in jalapenos. (Reuters)
- FDA approval gives adults 50+ a new flu vaccine.
- How rising oil prices impact stock market trading.
- Intriguing high beta names step into the earnings confessional next week.
Gold, Oil Climb Amid Iran Updates
Oil prices climbed after Iran issued a restrictive draft plan for reopening the Strait of Hormuz. September-dated West Texas Intermediate (WTI) crude finished 2.8% higher to settle at $77.29 per barrel.
Gold prices continued to add to its recent gains, now sitting near seven-week highs as inflation fears eased. August-dated gold futures added 0.6% to settle at $4,330.20 per ounce.