S&P 500 (NYSEARCA: SPY) Live: Markets Retreat as US Hunts ‘Real End’ to Mideast Conflict
Live Updates Live Coverage Updates appear automatically as they are published. Retail Sales Drop, Market Narrows Losses 10:22 am by Gerelyn Terzo Retail sales took an unexpected tumble last month, dropping a steeper-than-anticipated 0.9%. This downturn, fueled partly by sliding gasoline sales and a generally cloudier economic outlook, exceeded economists’ predictions for a more modest […] The post S&P 500 (NYSEARCA: SPY) Live: Markets Retreat as US Hunts ‘Real End’ to Mideast Conflict appeared first on 24/7 Wall St..
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Retail Sales Drop, Market Narrows Losses
Retail sales took an unexpected tumble last month, dropping a steeper-than-anticipated 0.9%. This downturn, fueled partly by sliding gasoline sales and a generally cloudier economic outlook, exceeded economists’ predictions for a more modest 0.6% decline. Still, not all corners of the retail sector felt the pinch; auto dealerships and building material suppliers managed to find pockets of strength.
The markets are staging an impressive turnaround, with all three of the major stock market indices trimming their losses this morning. The SPY ETF is currently down 0.20%.
This article will be updated throughout the day, so check back often for more daily updates.
The market’s optimism for an easing of Middle East tensions faded overnight, sending stocks lower early on as conditions for a deal took a turn for the worse. After issuing a warning to flee Tehran, President Trump said he is seeking a “real end” to the conflict between Israel and Iran. This morning, each of the major stock market averages came out of the gate lower but are quickly narrowing their losses, including the SPDR S&P 500 ETF (SPY), which is down 0.20%.
Small-cap stocks are defying the broader downtrend, as reflected by a 1.1% jump in the Russell 2000 index. Meanwhile, volatility is on the rise, pushing the VIX index up approximately 4%.
Today marks the kickoff of the Federal Open Market Committee’s (FOMC) two-day meeting, where the fate of interest rates will be decided. Economists largely anticipate the Federal Reserve will hold rates steady, even as President Trump continues his push for a rate cut. Market participants are awaiting any signals from Fed Chairman Jerome Powell on the future direction of the economy, as well as any potential headwinds he might see.
All of the Magnificent Seven stocks came out of the gate under pressure. On the brighter side for chip-stock bulls, Wall Street firm Barclays has adopted an increasingly bullish stance on AI leader Nvidia (Nasdaq: NVDA), raising its price target on the stock by $30 to $200 per share and reaffirming an “overweight” rating.
The major indices are off their worst levels of the session but remain lower:
Dow Jones Industrial Average: Down 79.41 (-0.19%)
Nasdaq Composite: Down 63.13 (-0.32%)
S&P 500: Down 14.22 (-0.22%)
Market Movers
In company news, Jabil (NYSE: JBL) is surging 10% today, propelled by an upbeat forecast driven by robust data center demand.
Mettler-Toledo (NYSE: MTD), a firm specializing in precision instruments, is seeing its shares fall by 1.9%.
Texas Pacific Land (NYSE: TPL), a dividend-paying U.S. landowner with significant holdings in the Permian Basin, is tacking on a 2.1% gain today.
The post S&P 500 (NYSEARCA: SPY) Live: Markets Retreat as US Hunts ‘Real End’ to Mideast Conflict appeared first on 24/7 Wall St..
