Dow Jones Industrial Average Hits 3-Week Low as Fed, 'Brexit' Loom

The Dow Jones Industrial Average (DJIA) plunged out of the gate and never recovered, marking its fourth straight day of losses. Traders headed for the door as the Federal Open Market Committee (FOMC) kicked off its much-anticipated two-day policy meeting, and amidst escalating "Brexit" fears ahead of next week's referendum. Dropping oil prices also worked to push stocks lower, with black gold pressured by a surging dollar. 

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

• The FDA warned of "serious" sanitary concerns at Whole Foods Market, Inc. (NASDAQ:WFM). Is the grocery chain the next Chipotle Mexican Grill, Inc. (NYSE:CMG)?
• What had Facebook Inc (NASDAQ:FB) and Twitter Inc (NYSE:TWTR) options in high demand yet again? 
• The telecom stock that defied broad-market headwinds.
• Plus... A ruling on net neutrality, retail sales improve, and the airline outlier.

The Dow Jones Industrial Average (DJIA - 17,674.82) finished down 57.7 points, or 0.3%, to its lowest close in three weeks. General Electric Company (NYSE:GE) led the 13 winners with a 2% gain, while American Express Company (NYSE:AXP) brought up the rear among the 17 Dow losers, shedding 4.1%.

The S&P 500 Index (SPX - 2,075.32) ended down 3.7 points, or 0.2%, also at a three-week low. The Nasdaq Composite (COMP – 4,843.55) lost 0.1%, or 4.9 points.

The CBOE Volatility Index (VIX - 20.50) lost 0.5 point, or 2.2%, finally breaking a six-day winning streak.

5 Items on Our Radar Today: 

1. A federal appellate court ruled on Tuesday that high-speed internet is to be defined as a utility, upholding rules created by the Federal Communications Commission (FCC) last year. The decision will keep in place regulations on internet providers and cable companies that assure all sites and users are provided fair and equal connection speeds, a concept known as net neutrality. (New York Times) (Subscription required)
2. Retail sales at U.S. stores were strong in May, the second straight month of gains. Month-over-month, retail sales grew by 0.5%. Elsewhere, the Commerce Department reported that business inventories rose by less than expected during the month of April. (Reuters)
3. Why this airline stock stood out from its sector peers.
4. What caused this China-based stock’s options volume to peak?  
5. The manufacturing stock selling off on "potentially weak industry demand."

Data courtesy of Trade-Alert

Commodities:

Oil extended its losing streak to a fourth session, as a strengthening dollar overshadowed the International Energy Agency's (IEA) forecast for a "balanced" oil market in the second half of 2016. Crude for July delivery ended the day at $48.49 per barrel -- a three-week low -- down 39 cents, or 0.8%.

 On the other hand, gold futures extended their rally to a fifth session, as traders sought "safe havens" ahead of tomorrow's Fed policy decision and next week's "Brexit" referendum. By the close, August-dated gold added $1.20, or 0.1%, to end at a one-month high of $1,288.10 an ounce.