Stock Market Today: Dow Swings Lower to Snap Win Streak
Stocks started the day higher, but ran out of steam as the day wore on.
Stocks started the day on solid footing, but eased back as investors digested a round of economic updates.
Kicking things off was the S&P CoreLogic Case-Shiller 20-city composite index, which showed home prices in the U.S. jumped 13.3% on an annual basis in March.
This spike likely had a trickle-down effect to those looking to buy, with the Census Bureau reporting new home sales fell almost 6% in April, though they are still up 48% on a year-over-year basis.
And the Conference Board said its consumer confidence index, which reflects prevailing business conditions, remained relatively unchanged from its April reading.
"Consumers' assessments of the present situation have improved substantially and continuously over the past four months, with the index having gained 59pts since January," says Barclays economist Pooja Sriram.
Following three days of gains, the Dow Jones Industrial Average closed today's session down a modest 0.2% at 34,312. The S&P 500 Index also ended the day with a slight loss, off 0.2% at 4,188.
Other action in the stock market today:
- The Russell 2000 fell 1.0% to 2,205.
- The Nasdaq Composite slipped 0.03% to 13,657.
- Lordstown Motors (RIDE, -7.5%) took a hit today, after the Ohio-based electric vehicle maker more than halved its full-year production guidance. The company's CEO Steve Burns said it has "encountered some challenges" ahead of the manufacturing of its Endurance electric pickup truck, and that RIDE needs "additional capital to execute our plans."
- Amazon.com (AMZN, +0.4%) was in the headlines today after the Wall Street Journal reported the company is nearing a deal to buy Hollywood studio MGM Holdings for $9 billion, according to people familiar with the matter. Additionally, the District of Columbia today said it filed an antitrust suit against the e-commerce giant for alleged illegal pricing practices.
- U.S. crude oil futures eked out a fractional gain to settle at $66.07 per barrel.
- Gold futures gained 0.7% to finish at $1,898.00 an ounce.
- The CBOE Volatility Index (VIX) rose 2.4% to 18.8.
- Bitcoin prices fell 6% to $37,281.98. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
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