Dow Slips 118 Points as Oil Tops $70 and Bank Downgrades Weigh
Updated
Updated · CNBC · Jun 29
Dow Slips 118 Points as Oil Tops $70 and Bank Downgrades Weigh
3 articles · Updated · CNBC · Jun 29
Summary
The Dow fell 118 points, or 0.2%, on Tuesday, while the S&P 500 edged up 0.1% and the Nasdaq gained 0.4% on the final day of the half.
WTI crude traded near $71 a barrel and Brent near $73 as Middle East uncertainty resurfaced, even after a U.S.-Iran pause in attacks had lifted stocks sharply on Monday.
Oppenheimer added pressure on financials by cutting Goldman Sachs and Morgan Stanley to underperform and Bank of America and Citigroup to perform; all four stocks dropped more than 1%.
Even with Tuesday's mixed trade, Wall Street remained on track for a strong quarter and half, with the Nasdaq up 11.1% year-to-date and the Russell 2000 ahead more than 21%.
The second-quarter rebound has been driven by easing fears over AI spending and signs the Iran conflict may be nearing resolution, though UBS said investors should diversify beyond the AI trade.