Stocks tumble, housing hits the skids, Musk’s Twitter meeting: LIVE UPDATES
Developing Story
Dow sinks by triple digits
| Symbol | Price | Change | %Change |
|---|---|---|---|
| NKE | $107.30 | -6.35 | -5.59% |
| AXP | $139.01 | -7.17 | -4.90% |
| CVX | $156.70 | -7.69 | -4.68% |
WMT |
$121.40 | +2.03 | +1.70% |
| PG | $133.84 | +1.38 | +1.04% |
Dow Jones Averages.
$
29988.49
The Dow Jones Industrial Average fell as much as 900 points before easing slightly with leading decliners Nike, American Express and Chevron, while Walmart and Procter & Gamble held up.
Breaking News
Elon Musk talks to Twitter employees
Elon Musk, in his all hands meeting with Twitter, employees addressed a few top priorities, per reports…
Elon Musk is not concerned with being CEO of the company
He wants to hit 1 billion users
There needs to be a “rationalization” of headcount
Advertising is “very important” for the company
Source: Reuters
Housing headwinds mount
Housing starts and permits, signs of future growth, fell sharply in May signaling a sharper downturn facing homebuilders in the coming months.
Starts: -14.4% to 1.549M
Permits: -7% to 1.695M
Breaking News
Stocks tumble post Fed rally
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $29,993.43 | -675.10 | -2.20% |
| SP500 | $3,693.00 | -96.99 | -2.56% |
| I:COMP | $10,772.79 | -326.37 | -2.94% |
U.S. stocks fell across the board as the post Fed rate hike rally faded and investors returned their attention to recession fears. New data on housing starts and permits showed a sharp pullback signaling a potentially steeper slowdown for homebuilders. In commodities, oil slipped to the $112 level.
Futures at a glance
U.S. equity futures are substantially lower in premarket trading on Thursday
, a day after the Fed’s decision to raise interest rates by 75 basis points.
Meanwhile, oil prices are lower, with West Texas Intermediate crude futures trading at $114 a barrel while Brent crude is trading at around $117 per barrel.
Stock futures plunge following post-Fed decision rally
U.S. equity futures fell Thursday morning as the
post-Fed decision relief rally paused. Stock traders will be watching economic data such as jobless claims and housing starts that could influence trading.
Bitcoin continues downward trend
Bitcoin traded above $21,000 after falling in the overnight hours to a low of $20,111. Bitcoin enters Thursday on a nine-day losing streak, dropping more than 30% during that streak. The cryptocurrency is off
more than 30% for the month and down more than 53% year-to-date. Ether traded around $1,100 and Dogecoin was at 5 cents.
Gas price slides
The price of a gallon of regular gasoline slipped slightly Thursday morning to $5.009, according to AAA. The price on Wednesday was $5.014. Gas hit an historic milestone over the weekend reaching $5 a gallon. Diesel rose to a record at $5.786 up from $5.78.
Oil prices see-saw
Oil traded choppy Thursday following a steep drop in the prior session, supported by tight oil supply and peak summer consumption, after the Federal Reserve raised interest rates.
U.S. West Texas Intermediate crude futures climbed to $115 a barrel. Brent crude futures rose to $119 a barrel.
