All three major indexes logged a second-straight loss
Wall Street started June off on the wrong foot, with all three major benchmarks settling lower, as traders remain wary of the state of the economy. A sharp drop in job openings in April, coupled with JPMorgan (JPM) CEO Jamie Dimon's predictions of an economic "hurricane," weighed on investor sentiment all day. In turn, the Dow logged a 177-point drop, but did manage to erase some steeper afternoon losses. Both the S&P 500 and Nasdaq settled lower for the second-straight day as well, as a higher 10-year Treasury yield hit the tech sector.
Continue reading for more on today's market, including:
- Struggling tech stock plummets after revenue miss.
- Options bears weigh on Chewy stock before earnings.
- Plus, three Chinese EV names soaring; unpacking CRM's beat-and-raise; and strong forecast fails to lift airline stock.
The Dow Jones Average (DJI - 32,813.23) shed 176.9 points, or 0.5% for the day. Salesforce (CRM) added 9.9%, leading the gainers. Walmart (WMT), meanwhile, paced the laggards with a 2.5% drop.
The S&P 500 Index (SPX - 4,101.23) fell 30.9 points, or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,994.46) lost 86.9 points, or 0.7% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 25.69) lost 0.5 point, or 1.9%.
5 Things to Know Today
- United Airlines (UAL) is planning on an $100 million expansion of its pilot training center, as it looks to add over 2,000 pilots amid returning travel demand. (CNBC)
- Baby food sales rose 58% in March and April, as parents consider transitioning babies out of the milk phase due to the infant-formula shortage. (MarketWatch)
- These 3 Chinese EV stocks popped on upbeat delivery data.
- Salesforce stock skyrocketed after posting a beat-and-raise.
- Which airline name brushed off a strong quarterly forecast.
Oil Settles Higher Ahead of OPEC+ Meeting
Easing Covid-19 restrictions in China helped oil futures settle higher on Wednesday, amid higher demand hopes. Investors were also eyeing Thursday's Organization of the Petroleum Exporting Countries and their allies (OPEC+) meeting, following reports that the group could exempt Russia from production targets. In turn, July-dated crude rose 59 cents, or 0.5%, to close at $115.26 per barrel.
Gold prices finished marginally higher as well, brushing off rising Treasury yields and a stronger U.S. dollar. Though it lagged behind platinum and silver, the yellow metal still benefited from the broad-market selloff. August-dated gold added 30 cents to settle at $1,843.70 an ounce.