US stocks fell on Wednesday as President Trump expressed impatience with Iran and threatened more military action. Oil prices moved higher on the comments, while chip stocks continued their recent selloff. Buy Fidelity Value Strategies Fund (FSLSX)
The benchmark S&P 500 Index (SPX) declined 1.6%, and the tech-heavy Nasdaq Composite dropped 2%. The Dow Jones Industrial Average lost 953 points (-1.9%).
Data by YCharts
Meanwhile, the May Consumer Price Index was above 4% for the first time in three years. However, core consumer prices (which exclude volatile food and energy components) came in a little lighter than expected for the month. Inflation remains a threat that the Federal Reserve and new Chair Kevin Warsh are watching closely.
The war with Iran is clearly still important to the markets. However, the profit taking in the semiconductor space is to be expected. Note: Even after the sell-off since last Friday, the iShares Semiconductor ETF (SOXX) is still up more than 80% year-to-date.
As for FSLSX, the fund normally invests in common stocks of companies that the advisor believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, or growth potential. The advisor focuses on investments in medium-sized companies, but also may invest substantially in larger or smaller companies.
Comments
Log in or sign up to join the conversation.