Wall Street kicked off a Fed-heavy week by settling lower. Homebuilding stocks managed to outperform today after May's housing starts beat expectations; however, lagging energy stocks and blue-chip index components weighed on sentiment. In response, the Dow turned in a triple-digit drop, while S&P 500 and Nasdaq finished with more modest losses.
OIL, GOLD TURN IN LOSSES TO START THE WEEK
July-dated crude lost $1.28, or 1.8%, to close at $70.50 per barrel on the day, after China, the world's second-largest crude importer, cut interest rates.
A stronger U.S. dollar as well as U.S. May housing starts and building permits data pressured bullion lower Tuesday. For the session, August-dated gold shed $23.50, or 1.2%, to close at $1,947.70 an ounce.
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