The Dow suffered an 152-point drop
The Dow and S&P 500 both struggled for direction for most of the day, with the latter coming just a hair's breadth from its record highs, before both eventually turned lower -- the Dow settling with an 152-point drop. The Nasdaq, meanwhile, turned lower during the tail end of today's session, as trader attention remains pointedly fixed on tomorrow's inflation reading, which could give clues into whether higher prices will be short-lived, thanks to rapid economic recovery -- or if they're here to stay.
Continue reading for more on today's market, including:
- Struggling software stock option bears should have on their radar.
- Everything you need to know about "meme" stocks.
- Plus, pot stock's options pits ignite; the latest on CROX; and FOXA gets a bull note.
The Dow Jones Average (DJI - 34,447.14) fell 152.7 points, or 0.4% for the day. Merck & Co (MRK) led the Dow components with a 2.3% rise, while Caterpillar (CAT) paced the laggards, falling 2.3%.
Meanwhile, the S&P 500 Index (SPX - 4,219.55) dropped 7.7 points, or 0.2% for the day. The Nasdaq Composite (IXIC - 13,911.75) shed 13.2 points, or 0.1% for the day.
Lastly, the Cboe Volatility Index (VIX - 17.89) added 0.8 point, or 4.8%.
- A White House press corps flight was delayed after cicadas swarmed the Delta-operated Airbus' auxiliary power unit. The flight held reporters heading to the G-7 summit in the U.K. (CNBC)
- Payment processor Marqeta made its debut on the Nasdaq today under the ticker MQ. The equity surged during its first day of trading after the firm set its initial public offering (IPO) price at $27. (MarketWatch)
- How the Reddit rally is lighting up this pot stock.
- The scoop on CROX following its investor day announcement.
- Wells Fargo thinks Fox's growth strategy could give it an edge against competitors.
Oil Brushes Off Iran Update, Upbeat EIA Data
Oil prices slipped on Wednesday, dropping from yesterday's two-year highs, even after the Energy Information Administration (EIA) posted a 5.2 million decline in crude inventories for last week. Plus, the threat of sanctions on Iran being lifted is beginning to fade, with U.S. officials hinting the country's return to market will be unlikely. Despite this news, July-dated crude dropped 9 cents, or 0.1%, to settle at $69.96 per barrel.
Gold prices saw a modest gain, with many investors proceeding commodities with caution ahead of upcoming inflation data. The dollar hardened slightly, putting pressure on the precious metal, while anxieties over inflation also weighed. August-dated gold added $1.10, or almost 0.1%, to settle at $1,895.50 an ounce for the day.