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S&P 500, Nasdaq Extend Losing Streaks

The S&P 500 and Nasdaq marked their fourth consecutive daily drops, the latter losing triple digits amid Big Tech's slump, securing their longest losing streaks since January. The Dow also finished the day in the red, after a volatile afternoon that saw it pare a triple-digit loss to briefly break into the black. This marks the blue-chip index's seventh loss in the last eight days, as yesterday's bounce appears to have been short-lived. 

Continue reading for more on today's market, including:

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5 Things to Know Today

  1. Coinciding with President Joe Biden's speech to the United Steelworkers union, his administration announced that Biden has called for tripling tariffs on Chinese steel(MarketWatch)
  2. According to European Central Bank (ECB) President Christine Lagarde, Europe's economy is showing signs of recovery(Bloomberg) 
  3. What happens when gold and stocks trade in the same direction
  4. Slow foot traffic dings Urban Outfitters stock. 
  5. Eli Lilly stock pops on drug efficacy for sleep apnea. 

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Oil Marks 3rd-Straight Loss

Oil prices fell for the third consecutive session, hitting three-week lows, amid a fourth-straight weekly climb in U.S. crude inventories. May-dated West Texas Intermediate (WTI) fell $2.67, or 3.1%, to settle at $82.69 a barrel. 

Gold prices fell today, though remaining near last week's record levels. June-dated gold futures settled 0.8% lower at $2,388.40 per ounce. 

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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