U.S. House Speaker Nancy Pelosi has landed safely in Taiwan
Though U.S. House Speaker Nancy Pelosi landed safely in Taiwan earlier, threats from Chinese officials in regards to her visit left the broader market shaken. The Dow lost 402 points after dismal results from Caterpillar (CAT), while both the S&P 500 and Nasdaq settled in the red as well. A disappointing Job Openings and Labor Turnover Survey (JOLTS) for June also poured cold water on stocks, as Cleveland Federal Reserve President Loretta Mester noted more evidence that inflation has peaked is needed before the central bank can roll back interest rate hikes.
Continue reading for more on today's market, including:
- Why Apple stock looks primed for another major month.
- Cruise stock pared losses after a convertible debt deal.
- Plus, steer clear of GE in August; shareholder buzz lifts social media name; and behind Caterpillar's revenue miss.
The Dow Jones Average (DJI - 32,396.17) fell 402.2 points, or 1.2% for the day. Salesforce.com (CRM) led the gainers, adding 0.4%. Caterpillar (CAT) paced the laggards, falling 5.8%.
The S&P 500 Index (SPX - 4,091.19) shed 27.4 points, or 0.7% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,348.76) lost 20.2 points, or 0.2% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 23.93) added 1.1 points, or 4.8% for the day.
5 Things to Know Today
- San Francisco Federal Reserve President Mary Daly said the latest big interest rate hikes shouldn't serve as indication the central bank is winding down. (CNBC)
- Uber Technologies (UBER) was eyeing its best day in over two years, after the ridesharing giant saw positive free cash flow for the first time. (MarketWatch)
- General Electric stock among worst performing names this month.
- Shareholder buzz helps social media name brush off earnings miss.
- Caterpillar blamed disappointing revenue on supply chain issues.
Oil Prices Move Higher Ahead of OPEC+ Meeting
Oil prices edged higher on Tuesday, ahead of tomorrow's Organization of Petroleum Exporting Countries and its allies (OPEC+) meeting, which is not expected to bring a large output increase. September-dated crude added 53 cents, or 0.6%, to settle at $94.42 per barrel.
Gold prices settled higher as well, as investors flocked to safe-haven assets amid Pelosi's Taiwan visit, which prompted threats from China. Investors were also eyeing comments that aggressive interest rate hikes may continue until inflation cools off. December-dated gold added $7.90, or 0.1%, to close at $1,789.70 an ounce.