Stocks continued their choppy price action today, as all eyes turn to the Fed and Big Tech. The Dow added triple digits, but the S&P 500 and Nasdaq both finished firmly in the red, the latter suffering amid large cap weakness from Nvidia (NVDA), Apple (AAPL), and Amazon.com (AMZN).
Despite consumer confidence on the rise and a robust job market, there is a slim chance of an interest-rate cut at the conclusion of the Fed's meeting tomorrow. Instead, CME's FedWatch tool has now priced in a 100% chance of a rate cut for September's meeting.
Continue reading for more on today's market, including:
- What does the Democrat candidate switch mean for the SPX?
- Time to buy the dip on Netflix stock.
- Plus, PayPal separates from its peers; and three Dow earnings to unpack.
5 Things to Know Today
- Home prices in the 20-largest U.S. cities keep on climbing. (MarketWatch)
- Germany's inflation has proven pesky for the European Central Bank (ECB).(Bloomberg)
- Unpacking the post-earnings pop from PayPal stock.
- 2 Dow stocks lit up by options traders after earnings.
- Call traders unfazed by P&G stock selloff.
Oil Slinks in Third-Straight Loss
Oil prices fell for the third straight day today, this time falling victim to demand concerns in China. September-dated West Texas crude lost $1.08, or 1.4%, to settle at $74.73 a barrel -- its lowest close since early June.
Gold futures bounced back, with the safe-haven asset rising in anticipation of clarity from the central bank tomorrow on the direction of monetary policy. For the session, August-dated gold futures shed 0.2%, to settle at $2,451.9 per ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
