Stocks spent most of the day in the red but ultimately eked out minor gains
Market performance was lackluster at best for stocks this afternoon, though there remains optimism of an interest rate cut from the Federal Reserve next month. The Nasdaq inched higher, as investors prep for Nvidia (NVDA) earnings, due out after the closing bell tomorrow. The Dow and S&P 500 both eked out gains of their own, the former securing its second-straight record close.
Continue reading for more on today's market, including:
5 Things to Know Today
- June's three-month running average for home prices in the U.S. hit a record high, 5.4% above June 2023. (CNBC)
- A slew of Republican politicians and over 200 staffers have endorsed the Harris-Walz campaign in a signed letter. (MarketWatch)
- Cocoa inflation slams fan-favorite chocolatier.
- Mixed quarterly report drags defense stock.
- Weed stocks to watch right now.
There were no earnings of note today.
Oil Dragged on Demand Worries
Oil prices snapped a three-day win streak, as demand concerns flooded investors. In response, October-dated West Texas Intermediate (WTI) crude fell $1.89, or 2.4%, to close at $75.53 per barrel.
Rate-cut concerns and buzz continue to loom over Wall Street, sending gold prices modestly lower. At last glance, gold for December delivery shed 0.4% to settle at $2,545.60 per ounce.