S&P, Nasdaq Snap 4-Day Win Streak on Jobs, Tech
Big tech companies led the declines today
In a sharp turn from an optimistic start to June, Wall Street's disappointment with jobs data took its toll, sending stocks mostly lower to close out the day, snapping a four-day win streak for the Nasdaq and for the S&P 500. The Dow barely scraped together an 11-point gain, while the SPX and Nasdaq dropped off, as shares from FAANG stocks Facebook (FB), Amazon.com (AMZN), Alphabet (GOOGL), and Netflix (NFLX) weighed heavy.
Continue reading for more on today's market, including:
How stocks tend to perform after major protests.This pharmaceutical stock is sure to disappoint in June.Plus, Gap is facing a rent-related lawsuit; one tech stock's firm support; and Nio hits record-high deliveries.The Dow Jones Industrial Average (DJI - 26,281.82) added 11.9 points, or 0.05% for the day. Boeing (BA) rose 6.4% to lead the winners once again, while Nike (NKE) paced the losers with 2.7% drop.
The S&P 500 Index (SPX - 3,112.35) shed 10.5 points, or 0.3%, and the Nasdaq Composite (IXIC - 9,615.81) lost 67.1 points, or 0.7%.
Meanwhile, the Cboe Volatility Index (VIX - 25.81) inched 0.2 point, or 0.6% higher.
5 Items on Our Radar Today
In April, the U.S. trade deficit surged thanks to the coronavirus pandemic upending of the global flow of goods and services. According to the Commerce Department, exports fell to a 10-year low, around $49.4 billion. (Reuters)Around 1.88 million Americans applied for traditional jobless benefits in May, with another 623,000 filed under a federal-relief program. The number of unemployed Americans collecting government check, however, appears to have stabilized. (MarketWatch)Why Gap is being sued over unpaid rent.Support is in place for this tech stock.Record-breaking deliveries has Nio stock soaring.
Data courtesy of Trade-Alert
Gold Logs First Gain in 4 Sessions
Oil prices changed little today, as investors continued to wait on a decision to be made regarding crude production from The Organization of the Petroleum Exporting Countries and others (OPEC+). As a result, July-dated oil gained 12 cents, or 0.3%, to settle at $37.41 per barrel.
Gold, on the other hand, reversed course today and rose as the dollar retreated and Wall Street paused its rally amid dismal U.S. trade deficit data and focused on the European Central Bank (ECB). Gold for August delivery rose $22.60, or 1.3%, to settle at $1,727.40 per ounce, snapping a four-day losing streak.