The Dow dropped 85 points
The Dow logged an 85-point drop on Monday, weighed down by anxieties surrounding the upcoming U.S. Federal Reserve meeting. Investors aren't expecting the two-day meeting to result in any major decisions, though the central bank's inflation rate forecasts could have a dramatic effect on the market's next move. The S&P 500 spent most of the day hovering just below the breakeven, before jumping to its third-straight record closing high within the final few moments of trading. The Nasdaq also hit a fresh record close, as the retreating 10-year Treasury signaled to some investors that it was time to buy back into Big Tech.
Continue reading for more on today's market, including:
- Corsair Gaming heads the ever-growing list of meme stocks.
- Analyst: Chipotle's hiked menu prices bode well for the stock.
- Plus, a 5G darling to watch; Oatly stock piques analysts' interest; RIDE rocked by C-suite shakeup.
The Dow Jones Average (DJI - 34,393.75) lost 85.9 points, or 0.3% for the day. Salesforce (CRM) led the Dow components with a 2.5% rise, while JPMorgan Chase & Co (JPM) paced the laggards, falling 1.7%.
Meanwhile, the S&P 500 Index (SPX - 4,255.15) added 7.7 points, or 0.2%. The Nasdaq Composite (IXIC - 14,174.14) added 104.7 points, or 0.7% for the day.
Lastly, the Cboe Volatility Index (VIX - 16.39) dropped 0.7 point, or 4.8%.
- J.J. Richetti, the son of Steve Ricchetti -- White House counselor and one of Joe Biden's most important White House advisors -- just landed a job as a special assistant in the office of legislative affairs. The job is an entry level position, with Ricchetti graduating from the University of Pennsylvania with a bachelor's degree in political science last year, though some are concerned that nepotism could be at play. (CNBC)
- The U.K. has delayed its full reopening date from June 21, after a 50% increase in positive tests with the Covid-19 Delta variant, which accounted for over 90% off cases. (MarketWatch)
- Investors should keep an eye on this 5G darling.
- Oatly stock saw an overwhelming amount of analyst coverage today.
- The C-suite shakeup that rocked Lordstown Motors stock.
There are no earnings of note today.
Gold Keeps Slipping; Oil Demand Being Closely Monitored
Oil prices inched lower while investors closely monitor demand levels, which the International Energy Agency (IEA) predicting a rise back to its pre-pandemic demand by the end of 2022, though the lifting of sanctions on Iran could put some pressure on this prediction. July-dated crude dropped 3 cents, or 0.04%, to settle at $70.88 per barrel.
Gold prices tumbled today, settling at a one-month low as the commodity's red-hot rally begins to cool. Bitcoin's (BTC) rally may also be to blame for the softening precious metal. August-dated gold dipped $13.70, or 0.7%, to settle at $1,865.90 an ounce.