Stocks dropped today as Wall Street succumbed to a bout of profit taking. The Dow shed 114 points for its first loss in four days, while the S&P 500 snapped its six-day win streak. The Nasdaq also finished lower amid a notable drop in semiconductor stocks, testing 19,000 at its session lows. Meanwhile, bond yields remain elevated, with the 10-year Treasury yield last seen at 4.48%.
OIL CHOPS AS GOLD EXTENDS MINI-RALLY
Oil prices drifted lower today as well, with black gold churning amid unresolved Iran-U.S. and Russia-Ukraine negotiations. June-dated West Texas Intermediate (WTI) slipped 13 cents, or 0.2%, to settle at $62.56 per barrel.
Gold gained as the recent market rally came to an end. June-dated gold futures gained 1.6% to finish at $3,284.60 per ounce on the day.
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