Stocks started July without much fireworks. The Dow and small cap Russell 2000 nabbed intraday record highs but eventually pivoted into the red at the close. The blue-chip index attempted to shrug off memory and semiconductor weakness, but ultimately succumbed to the pressure that also pushed the Nasdaq and S&P 500 lower.
Investors parsed through inflation comments from Fed Chair Kevin Warsh, who acknowledged that "prices are too high." Despite the tech sector choppiness, the Cboe Volatility Index (VIX) logged its fourth-straight loss and lowest close in over two weeks.
Oil Prices Move Lower as Supply Concerns Churn
Oil prices moved lower today, as supply concerns remain at the forefront amid ongoing mediations between the U.S. and Iran. August-dated West Texas Intermediate (WTI) fell 1.3% at $68.58/barrel.
Gold futures gained to start the new month on the back of softer-than-anticipated jobs data. August-dated gold futures added 1.6%, to settle at $4,103.10/oz for the session.
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