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Market sentiment has turned fearful now that tensions between Israel and Iran have worsened. Technology stocks are under pressure, sending the Nasdaq Composite lower.
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Nvidia stock received a ringing endorsement from a Wall Street analyst firm.
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12:50 pm
The heat is on, and we’re not talking about the scorching summer temperatures. President Trump has warned that the U.S. has utter control over the skies in Iran, saying, ‘Nobody does it better than the good ol’ USA.” He is now calling for the Iranian government’s “unconditional surrender.” The markets remain under pressure, including a 0.36% decline in the Nasdaq Composite.
11:10 am
American homebuilders have lost confidence in the market, with sentiment sinking to a multi-year low in June, revisiting 2022 levels. The National Association of Home Builders and Wells Fargo Housing Market Index fell by 2 points to a reading of 32, falling short of expectations for an increase. Construction firms have been lowering prices to spark demand, as consumers remain on the sidelines in the uncertain economic climate. While declines were felt in sales conditions, expectations and foot traffic, one bright spot was the Northeast region, where sales increased slightly.
The Nasdaq Composite is currently lower by 0.31%.
9:48 am
Today’s economic data revealed a downturn in retail sales, which fell a steeper 0.9% last month, pressured by gasoline sales and an increasingly uncertain economic outlook. Economists had predicted a decline of a lesser 0.6%. Pockets of strength were found in auto dealers and building material providers. The Nasdaq Composite is currently down 0.60%.
This article will be updated throughout the day, so check back often for more daily updates.
The market’s hope for a de-escalation of the Middle East tensions has backfired after conditions took a turn for the worse, sending stocks lower. President Trump issued a warning to evacuate Tehran amid escalating tensions between Israel and Iran. All three of the major stock market indices are under pressure this morning, including a 0.45% drop in the Nasdaq Composite.
Most sectors of the economy are under pressure, with the exception of energy, which is posting a gain of 0.40% as a group. Small-cap stocks are higher, as reflected by a 1.1% gain in the Russell 2000 index. Volatility is rising, sending the VIX index up about 4%.
The two-day FOMC meeting kicks off today to discuss the fate of interest rates. Economists are largely predicting that the Fed will leave rates unchanged despite President Trump’s push for a rate cut. The markets will also be listening for any forward guidance on the economy as well as any headwinds that Fed Chairman Jerome Powell might identify.
All of the Magnificent Seven stocks are down. Wall Street firm Barclays has turned increasingly bullish on AI leader Nvidia (Nasdaq: NVDA), raising its price target on the stock by $30 to $200 per share with an “overweight” rating.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 138.33 (-0.33%)
Nasdaq Composite: Down 89.01 (-0.45%)
S&P 500: Down 22.24 (-0.39%)
Market Movers
Jabil (NYSE: JBL) is soaring 10% today on an upbeat forecast fueled by robust data center demand.
Mettler-Toledo (NYSE: MTD), which is in the business of precision instruments, is falling 1.9%.
Texas Pacific Land (NYSE: TPL), a dividend-paying U.S. landowner in the Permian Basin, is tacking on 2.1% today.
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