Stocks Start the Week at a Loss
A rare "sell" rating for Apple dragged the major markets lower
The Dow kicked off the first full trading week of July on a down note, with the blue-chip index dragged to a triple-digit loss after Apple (AAPL) stock sold off on a rare "sell" rating. Easing expectations for an aggressive rate cut from the Fed only added pressure ahead of this week's congressional testimony from Fed Chair Jerome Powell and a pair of inflation updates that are due out. The S&P and Nasdaq closed lower, too, with all three indexes logging back-to-back losses.
Continue reading for more on today's market, including:
Why this weed stock plunged 22%.Analysts: 3 tech stocks to drop now.Roku options traders are betting on a triple-digit breakout.Plus, the Chinese stock that sold off; United Foods flashes reliable bear signal; and analysts chimed in on 2 small bank stocks.The Dow Jones Industrial Average (DJI - 26,806.14) gave back 116 points, or 0.4%. Apple (AAPL) paced the 20 decliners with its 2.1% drop, while Nike (NKE) led the 10 advancers with its 1.9% gain.
The S&P 500 Index (SPX - 2,975.95) fell 14.5 points, or 0.5%, and the Nasdaq Composite (IXIC - 8,098.38) declined 63.4 points, or 0.8%.
The Cboe Volatility Index (VIX - 13.96) rose 0.7 point, or 5.1%.
5 Items on our Radar Today
Workers at nonunion Amazon (AMZN) facilities in Minnesota are planning a strike for the e-commerce giant's Prime Day. Organizers claim harsh working and pay conditions for employees, a large number of which are East African. In a statement, Amazon said it provides "great employment opportunities with excellent pay." (MarketWatch)A report from the Congressional Budget Office (CBO) said raising the federal minimum wage to $15 per hour by 2025 from its current rate of $7.25 per hour would boost wages for 17 million workers, while simultaneously putting 1.3 million people out of work. This comes ahead of an expected vote on the Raise the Wage Act by House Democrats later this month -- a bill to gradually raise the U.S. minimum wage over the next six years. (CNBC)The news that sent this Chinese stock down sharply.Long-term laggard United Foods just flashed a reliable bear signal.What analysts had to say about these 2 regional bank stocks.There are no earnings to report.
Data courtesy of Trade-Alert
Gold Hesitates Ahead of Powell Testimony
Rising geopolitical tensions with Iran buoyed oil prices for most of today, but liquid gold pared much of these gains. Crude for August delivery settled the session up 15 cents, or 0.3%, at $57.66 per barrel.
Gold prices barely budged ahead of Powell's two-day testimony on Capitol Hill. At the close, August-dated gold was down 10 cents to settle squarely at $1,400 per ounce.