TRADING DAY-US stocks mixed, oil slides, SpaceX continues its ascent

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- Wall Street was mixed on Tuesday as tech shares weighed on the S&P 500 and the Nasdaq while the Dow notched another record high and crude prices resumed their post-Iran-peace-deal slide.

I will go into more detail on today's market moves below. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today.

  1. SpaceX SPCX.O overtakes Amazon AMZN.O in market cap

  2. U.S. President Donald Trump says peace deal will be made public soon, will rule out nuclear weapon for Iran

  3. U.S. economic data: single-family housing starts fell in May to an eight-month low, import prices continue to surge

  4. Individual SpaceX investors hoping to flip their shares for a quick profit face stricter conditions than large funds

  5. The deal to end the Middle East conflict will not necessarily bring a near-term end to the global energy shock, says European Central Bank Governing Council member Gabriel Makhlouf

  6. Yum Brands YUM.N announced it will sell its struggling Pizza Hut chain for $2.7 billion


Today's Key Market Moves

  • STOCKS: Wall Street mixed as tech drags; Dow .DJI scales fresh closing high; Europe's STOXX 600 .STOXX extends rally

  • SECTORS/SHARES: Chips .SOX slide; banks .SPXBK jump, gold/silver miners .XAU advance

  • FX: Dollar USD= dips ahead of Kevin Warsh's debut as Fed chair; yen JPY= flat against dollar after expected BoJ rate hike

  • BONDS: U.S. Treasury yields dip as Fed convenes

  • COMMODITIES/METALS: WTI CLc1, Brent LCOc1 settle down 5.8% and 5.1%, respectively; gold XAU= climbs



Today's Talking Points

* The U.S. Federal Reserve convenes for its first monetary policy meeting under Chairman Kevin Warsh

A majority of Fed policymakers are in favor of holding key interest rates steady for the remainder of the year, as the summary of economic projections due on Wednesday is expected to show, with a small number expected to back a rate hike to prevent spiking inflation from becoming entrenched in the economy.

The anticipated hawkish shift in the so-called dot plot could pose a sticky challenge for Warsh, as solid labor market data and hot inflation readings have effectively removed near-term policy easing from the table.

* The G7 summit progresses, with Ukraine, debt risks, and Ebola on the docket

The war in Ukraine topped the agenda during the second day of the three-day summit. Trump said the leaders had a "very good" meeting with Ukrainian President Volodymyr Zelenskiy, who said Trump was very positive that the United States can help Ukraine more with air defense missiles.

The assembled leaders also vowed to step up efforts to address "escalating global debt vulnerabilities" and called for a strong response to the Ebola outbreak in Congo.

* U.S. consumers are seeing some relief at the gasoline pump, with possible signs of more to come

Gasoline prices have eased by more than 20% since their Iran-war peak in April, and with the announcement of a deal to end hostilities, are poised to fall further.

Wholesale gasoline futures have formed a "head and shoulders" pattern, a widely recognized signal that the market is reversing course.





What could move markets tomorrow?

  • Developments in the Middle East

  • Energy market moves

  • Social media posts from Trump

  • U.S. Federal Reserve rate decision, Warsh's first Q&A as chair

  • U.S. retail sales (May)

  • U.S. pending home sales (May)

  • U.S. business inventories (April)

  • Euro zone consumer prices (May)

  • UK CPI (May)

  • UK PPI (May)

  • Canada new home prices (May)

  • Sweden Riksbank rate decision

  • Russia PPI (May)

  • South Africa CPI (May)

  • Brazil SELIC target rate

  • New Zealand GDP (Q1)


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Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.