The Nasdaq suffered its worst single-session drop since September 2022
Tech rotation was the story on Wall Street today, as the Dow scored a sixth-straight win and fourth-straight record close. On the other end of the spectrum was the Nasdaq, which sold off for its worst single-session decline since September 2022. The S&P 500, meanwhile, suffered its worst single-session drop since April 30. Amidst this broad market fluctuation, the Cboe Volatility Index (VIX) closed above 14 for the first time since May 30.
Continue reading for more on today's market, including:
- 3 biotech stocks with intriguing technical setups.
- Just how bad was it for semiconductor stocks today?
- Plus, C-suite shakeup at J.B. Hunt; a tech dip to buy; and tobacco earnings ahead.
5 Things to Know Today
- One Federal Reserve President wants to move 'deliberately.' (MarketWatch)
- U.S. home buying among non-citizens is at record lows. (Bloomberg)
- Logistics stock blitzed by bears amid C-suite shakeup.
- Buy the dip on Dell Technologies stock.
- Tobacco powerhouse red-hot as earnings loom.
Oil Bounces Back, Gold Suffers Profit Taking
Oil prices popped today, snapping a three-day skid, after U.S. crude inventories fell for the third-straight week. August-dated West Intermediate (WTI) crude added $2.09, or 2.6%, to settle at $82.85 per barrel.
Gold prices roared to all-time highs, initially boosted by the tech selloff, but then suffered a bout of profit taking. August-dated gold futures were mostly flat, last seen near a record $2,461.88 an ounce for the day.