The blue-chip index has now finished lower in five of the last six sessions
Stocks fell across the board to start the week, with the Dow dropping 272 points for its fifth loss in the last six sessions. The S&P 500 and Nasdaq pivoted into the red, as heightened U.S.-Iran negotiations remained at an impasse. President Donald Trump threatened an attack on Oman should it intervene, while Iran said they refuse to extend the memorandum of understanding. Crude prices are surging in response.
Micron Technology (MU) and other chip makers tempered losses, however, after Commerce Secretary Howard Lutnick said Apple (AAPL) will not be allowed to purchase memory chips from China-based manufacturers. Nevertheless, bond yields remain elevated. The 10-year yield is up 4.72% while the 30-year hit its highest level since 2007.
Continue reading for more on today's market, including:
- Options traders continue to swarm Tesla stock.
- 3 tech titans trending on Wall Street today.
- Plus, CARR's foolproof bull signal; an over-loved crypto stock; and SOFI stands out.
5 Things to Know Today
- Almost 1 million cars have been recalled by Stellantis, the company citing a several backup camera malfunctions. (Bloomberg)
- Nvidia (NVDA) said it will provide $105 billion in funding for the OpenAI data center set to build in Pike City, Ohio. (CNBC)
- This logistics stock signal has never been wrong.
- Crypto underperformer needs an analyst overhaul.
- Fintech stock static despite latest bull note.
There were no earnings of note today.
Crude Carves Out More Gains
U.S.-Iran tensions and comments from both parties stating a deal would not be made pressure crude higher this afternoon. September-dated West Texas Intermediate (WTI) oil added 2.6% to settle at $84.50 per barrel for the session.
As the U.S. dollar continued to weaken and rate hike concerns continued to ease, gold futures shifted higher. August-dated gold futures rose 0.8% to settle at $4,473.70 for the day.