The S&P 500 and Nasdaq settled higher for the day
Stocks saw a mixed settlement on Tuesday as investors kept a wary eye on the 10-year Treasury yield and the 2-year Treasury yield, which made a brief inversion earlier in the day. This has been a strong indicator of an upcoming recession in the past. In response, the Dow lost 129 points, after earlier shedding over 700 points, while the S&P 500 finished the day with a muted gain. The Nasdaq, meanwhile, managed to bounce back from its earlier losses, and settled the day with a more than 1% pop, as growth-focused tech stocks gained some steam.
Continue reading for more on today's market, including:
- Why 1 analyst hit Tesla stock with a bear note today.
- The exchange stock staring up at stiff resistance on the charts.
- Plus, a breakdown of PSMT; LEVI gears up for earnings; and; HPQ gets a downgrade.
The Dow Jones Average (DJI - 30,967.82) lost 129.4 points, or 0.4% for the day. Nike (NKE) led the gainers, adding 3.1%. Chevron (CVX) paced the laggards with a 2.6% drop.
The S&P 500 Index (SPX - 3,831.39) gained 6.1 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,322.2) rose 194.4 points, or 1.8% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 27.54) added 0.01 point, or 0.04% for the day.
5 Things to Know Today
- Over in the U.K., British Chancellor Rishi Sunak has put in his resignation, joining health Secretary Sajid Javid, in what appears to be a protestation against Prime Minister Boris Johnson's leadership. (CNBC)
- The suspect in the Highland Park, Illinois Independence Day Parade shooting, which killed six and injured 30, bought his rifle legally, according to officials. (Reuters)
- Breaking down this retail stock's ideal entry point.
- Here's everything you need to know about Levi Strauss stock before earnings.
- Evercore ISI downgraded this tech stock over the holiday weekend.
There are no earnings reports of note today.
Gold Stumbles as U.S. Dollar Hits 20-Year High
Oil futures suffered a sharp selloff back below the $100 mark, to turn in their lowest settlement in nearly two months as investors began to worry that a potential recession could put a dent in demand. For the day, August-dated crude lost $8.93, or 8.2%, to settle at $99.50 per barrel.
Gold prices dropped to their lowest level of 2022 on Tuesday, breaching the closely watched $1,800-per-ounce level as the U.S. dollar rose to its highest mark since November 2002. August-dated gold fell $37.60, or 2.1%, to close at $1,763.90 an ounce.