Dow falls 740 points below 30K, housing hits skids, Musk’s Twitter meeting: LIVE UPDATES
FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Coverage for this event has ended.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $29,928.39 | -740.14 | -2.41% |
| SP500 | $3,667.07 | -122.92 | -3.24% |
| I:COMP | $10,646.10 | -453.06 | -4.08% |
| WMT | $120.64 | +1.27 | +1.06% |
| PG | $133.27 | +0.81 | +0.61% |
| JNJ | $170.17 | +0.21 | +0.12% |
| MRK | $84.92 | +0.35 | +0.41% |
Investors pummeled U.S. stocks which are now at the lowest levels since 2020. The selling was complicated by worsening housing data, spiking mortgage rates and a no-confidence vote in the Federal Reserve after Wednesday’s 0.75% basis point rate hike. In commodities, oil rose 2% to $117.58 per barrel.
Defensive stocks including Dow members Walmart, P&G, J&J and Merck bucked the selling with modest gains.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| TWTR | $37.40 | -0.60 | -1.58% |
| Symbol | Price | Change | %Change |
|---|---|---|---|
| NKE | $107.30 | -6.35 | -5.59% |
| AXP | $139.01 | -7.17 | -4.90% |
| CVX | $156.70 | -7.69 | -4.68% |
| WMT | $121.40 | +2.03 | +1.70% |
| PG | $133.84 | +1.38 | +1.04% |
The Dow Jones Industrial Average fell as much as 900 points before easing slightly with leading decliners Nike, American Express and Chevron, while Walmart and Procter & Gamble held up.
Elon Musk, in his all hands meeting with Twitter, employees addressed a few top priorities, per reports...
Elon Musk is not concerned with being CEO of the company
He wants to hit 1 billion users
There needs to be a “rationalization” of headcount
Advertising is “very important” for the company
Source: Reuters
Tesla CEO Elon Musk
Housing starts and permits, signs of future growth, fell sharply in May signaling a sharper downturn facing homebuilders in the coming months.
Starts: -14.4% to 1.549M
Permits: -7% to 1.695M
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $29,993.43 | -675.10 | -2.20% |
| SP500 | $3,693.00 | -96.99 | -2.56% |
| I:COMP | $10,772.79 | -326.37 | -2.94% |
U.S. stocks fell across the board as the post Fed rate hike rally faded and investors returned their attention to recession fears. New data on housing starts and permits showed a sharp pullback signaling a potentially steeper slowdown for homebuilders. In commodities, oil slipped to the $112 level.
Wall Street futures
U.S. equity futures are substantially lower in premarket trading on Thursday, a day after the Fed's decision to raise interest rates by 75 basis points.
Meanwhile, oil prices are lower, with West Texas Intermediate crude futures trading at $114 a barrel while Brent crude is trading at around $117 per barrel.
Stock traders (Reuters)
U.S. equity futures fell Thursday morning as the post-Fed decision relief rally paused. Stock traders will be watching economic data such as jobless claims and housing starts that could influence trading.
Bitcoin traded above $21,000 after falling in the overnight hours to a low of $20,111. Bitcoin enters Thursday on a nine-day losing streak, dropping more than 30% during that streak. The cryptocurrency is off more than 30% for the month and down more than 53% year-to-date. Ether traded around $1,100 and Dogecoin was at 5 cents.
Gas prices (AAA)
The price of a gallon of regular gasoline slipped slightly Thursday morning to $5.009, according to AAA. The price on Wednesday was $5.014. Gas hit an historic milestone over the weekend reaching $5 a gallon. Diesel rose to a record at $5.786 up from $5.78.
Oil pumping (iStock)
Oil traded choppy Thursday following a steep drop in the prior session, supported by tight oil supply and peak summer consumption, after the Federal Reserve raised interest rates.
U.S. West Texas Intermediate crude futures climbed to $115 a barrel. Brent crude futures rose to $119 a barrel.
Live Coverage begins here