Dow sheds nearly 300 points as Iran-Israel conflict continues
The conflict between Iran and Israel continues to weigh on the markets. All three of the major indexes (^DJI, ^GSPC, ^IXIC) closed lower while oil prices (CL=F, BZ=F) rose. Market Domination Overtime Anchor Julie Hyman recaps the action at the close.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
There's the closing bell on Wall Street, and now it's market domination overtime. I'm going to show you where the major averages ended the session here, the Dow falling by nearly 300 points, about 7/10ths of 1%, the S&P 500 down 8/10ths of 1%, and the Nasdaq composite down 9/10ths of 1%. A couple of things combining to send stocks lower today. First and foremost, investors really watching not just the events out of the Middle East as Israel and Iran continue to trade attacks on one another, but also on the rhetoric here from President Trump who left the G7 meeting early and talked about unconditional surrender needing to come from Iran, as he has repeated what he has long said that the country cannot have a nuclear weapon or nuclear capability. And so that all going on, investors watching oil prices go higher, and then the backdrop for that, economic data that Josh rightly described as tepid earlier, retail sales in particular getting a lot of attention, falling 9/10ths of 1%, including a drop in auto sales. So all of that combining for declines across the board here. I also wanted to look at sort of the leaderboard here of some of the leading groups that we watch, and all the way here in the right hand corner, in deep dark red, you see tan. This is the Invesco solar ETF, down 9% on the day, large double digit declines for many of the components of this ETF, as we saw in the Senate version of the tax bill, a phase out of solar credits in the next four years. So, many of those stocks seeing steep declines. Bitcoin, remember yesterday, this was on the upper left hand corner. So, risk off today expressing itself in selling of things like Bitcoin. Homebuilders down after disappointing read on home builder confidence, and then we continue to see some of the other more risk-on groups ark, which we have been watching go up in recent days, down today. And if you look at the sectors within the S&P 500, energy yes in the green, discretionary healthcare falling, as there has been, again, the president talking about pharmaceutical tariffs coming very soon. They haven't come yet, but the group trading lower here. So seeing a lot of red on the screen here. And what's interesting that we noticed earlier today, that we talked about a little bit at the top of the show with Michael Casino is when you're looking for where are people going for safety, well they're not going in gold today, at least. They have been going over the longer term, but down a little bit today. Silver though, catching a little bit, up by 2%, Josh.
Thank you, Julie.
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