All three major indexes suffered their first loss in three sessions, brushing off a flood of strong corporate earnings reports. The Nasdaq dropped 387 points as chip stocks declined, while Alphabet (GOOGL) fell 4.4% after the company delayed the release of Gemini 3.5 Pro. The S&P 500 and Dow finished comfortably in the red as well, with the latter reversing its earlier gains even after UnitedHealth Group (UNH)'s (UNH) strong quarterly results. More big name results are on the way, with all eyes on Netflix (NFLX) after the bell.
Oil in Focus as Middle East Tensions Ramp Up
Oil prices fell today, as investors kept an eye on Middle East tensions. Notably, Iran has asked Yemen’s Houthi movement to be prepared to close the Red Sea oil route, if the United States strikes Iranian power infrastructure. August-dated West Texas Intermediate (WTI) crude fell 0.8% to $78.95 a barrel.
Gold prices fell as Wall Street mused over the future of interest rates, pressuring Treasury yields higher. August-dated gold futures dropped 1.4% to $3,994.30 per ounce.
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