Today's volatile session ended with losses, as investors eyed resurfacing trade tensions and this morning's economic data. The ISM index rose to 51.6% in April, while the S&P Global U.S. services PMI fell to 50.8 last month -- a multi-year low. The Dow clung to gains for most of the session before finishing in the red, snapping a nine-day win streak alongside the S&P 500. Meanwhile, the Nasdaq closed with its first triple-digit drop in two weeks.
OIL SUFFERS STEEP DROP AFTER OPEC+ UPDATE
News that the Organization of the Petroleum Exporting Countries & allies (OPEC+) will allow an increase of 411,000 barrels per day in June sent crude lower for the session. June-dated West Texas Intermediate (WTI) oil fell $1.16, or 2%, to close at $57.13 per barrel.
Anticipation surrounding the Federal Open Market Committee (FOMC) meeting later this week, and a weakening U.S. dollar, sent gold higher for the day. June-dated gold surged 2.4%, to close around $3,321.30 an ounce.
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