Struggling tech stocks and tariff concerns weighed on the market
The major indexes snapped a three-day win streak today, as tech stocks struggled and the White House said that President Trump would announce new auto tariffs. The Nasdaq fell 372 points for its worst day since February, while the Dow and S&P 500 finished firmly in the red as well. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), snapped a five-day losing streak.
Continue reading for more on today's market, including:
- 3 cloud-based stocks to watch in the short term.
- Playtika stock surged on rare double upgrade.
- Plus, a bank stock with growth potential; behind DLTR's pop; and GME's Bitcoin venture.
5 Things to Know Today
- The U.S. Supreme Court upheld federal regulations for hard-to-trace "ghost" gun kits after the rule was challenged by manufacturers and gun rights groups. (Reuters)
- J.P. Morgan Chase announced that their experiment using a quantum computer generated truly random numbers, a potentially massive milestone. (Bloomberg)
- Deutsche Bank stock has technical support in place.
- Dollar Tree selling Family Dollar for $1 billion.
- GameStop stock surged today amid Bitcoin buzz.
Gold Stays Above $3,000
Oil prices edged higher on Wednesday amid lower U.S. crude inventories, as well as fears around tighter supplies after the U.S. threatened to place tariffs on countries that buy Venezuelan crude. May-dated West Texas Intermediate (WTI) crude rose 65 cents, or 0.9%, to close at $69.65 a barrel.
Gold prices inched lower today as the greenback and Treasury yields climbed, but the yellow-metal remained above $3,000 per ounce. U.S. gold futures settled 0.1% lower at $3,022.50.