Rate-Hike Speculation Weighs on Dow Jones Industrial Average

The Dow Jones Industrial Average (DJIA) spent the entire session in the red, continuing its slide from yesterday, and at one point even giving up its year-to-date gains. Fed officials continued to fan the rate-hike flames, with New York Fed President William Dudley calling expectations for a summer increase "reasonable." The central bank speculation and a dismal day for oil overshadowed solid earnings from blue-chip stocks Cisco Systems, Inc. (NASDAQ:CSCO) and Wal-Mart Stores, Inc. (NYSE:WMT), the latter of which broke a recent string of unimpressive retailer reports.

Continue reading for more on today's market, including:

• The media giant that could be flipping the switch on Netflix, Inc. (NASDAQ:NFLX).
• Airline investors took flight in the wake of a missing EgyptAir plane.
• Why these 2 auto stocks crashed and burned.
• Plus ... An insider trading conspiracy, pre-earnings bets on Deere, and why it may be silver's time to shine.
  

The Dow Jones Industrial Average (DJIA – 17,435.40) was down nearly 200 points at its session low, but managed to contain its losses to 91.2 points, or 0.5%. Of the seven DJIA winners, WMT enjoyed the biggest gains, up 9.6% after strong earnings, while Goldman Sachs Group Inc (NYSE:GS) was the biggest loser, down 3.3%.

The S&P 500 Index (SPX – 2,040.04) also tumbled, finishing the day down 7.6 points, or 0.4%, while the Nasdaq Composite (COMP – 4,712.53) finished down 26.6 points, or 0.6%.

The CBOE Volatility Index (VIX - 16.33) gained 0.4 point, or 2.4%, to its highest finish since mid-March.

5 Items on Our Radar Today:

1. German pharma Bayer AG (BAYN) confirmed it made an offer to buy Monsanto Company (NYSE:MON) for an undisclosed amount. (Reuters)

2. Professional gambler Billy Walters and former Dean Foods Co (NYSE:DF) CEO Thomas Davis were accused of insider trading, with professional golfer Phil Mickelson allegedly profiting from the conspiracy. (MarketWatch)

3. GrubHub Inc (NYSE:GRUB) is under attack by options bears. 

4. Is now the time to invest in silver?

5. Are options traders hoping for a Deere & Company (NYSE:DE) earnings miss?

    

Data courtesy of Trade-Alert

Commodities:

Oil prices fell as the dollar strengthened in anticipation of a summer interest rate hike, with June-dated crude futures ending at $48.16 per barrel, down 3 cents, or 0.06%. The fall was padded by concerns over supply shortages, with Nigeria's largest crude oil terminal closed due to security concerns.

June-dated gold slid 1.5%, or $19.60, to end the day at $1,254.80 an ounce. The precious metal hit a three-week low, pressured by a stronger dollar.