S&P 500 (NYSEARCA: SPY) Live: Market Bottom Falls Out Amid Middle East Attacks
Key Points
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Investors are running for the exit signs amid escalating tensions in the Middle East after Israel launched a missile attack program on Iran’s nuclear sites.
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The oil price is soaring while stocks are plummeting to finish the week.
Live Updates
Dividend Tech
Microsoft (Nasdaq: MSFT | MSFT Price Prediction) just declared its latest quarterly dividend of $0.83 per share. In 2024, the Big Tech company was making quarterly distributions of $0.75 per share and has been hiking its annual dividend amount consistently over more than two decades. MSFT stock off fractionally as the market sell-off persists. MSFT is currently No. 1 in the rankings of the biggest companies, with a market cap of $3.5 trillion.
The SPY ETF also remains under pressure.
Consumer Sentiment Looking Up
Consumers are feeling more optimistic about the economy this month, according to the latest University of Michigan poll. The early June reading on consumer confidence rose to 60.5, outpacing economist expectations of 54 and exceeding May’s 52.2 reading. The encouraging results were fueled by a consumer who believes the worst may be over on tariffs and easing inflation. The SPY ETF is now down 0.85%.
Weekly Performance
With today’s stock market sell-off, the major stock market averages are now headed for weekly losses. The S&P 500 is on pace for a decline of 0.26%, the Nasdaq Composite is headed for a weekly drop of 0.49%, and the Dow Jones Industrial Average is facing a 1% weekly decline.
This article will be updated throughout the day, so check back often for more daily updates.
Investors are running for the exit signs this Friday the 13th as tensions escalate in the Middle East. Israel has launched missiles at Iran, targeting its nuclear program and sending shockwaves through the financial world. In response, oil prices are soaring while stocks are falling. At the open, all three major stock market averages are down, and the price of crude oil has jumped 7.8% to over $73 per barrel. The SPDR S&P 500 ETF (SPY) is down 0.86%.
Most of the Magnificent Seven stocks are trading lower, with the notable exception of Apple (Nasdaq: AAPL), which is managing to eke out slight gains. The Volatility Index (VIX) has climbed 13%, reflecting the fear gripping investors and traders in this uncertain environment.
Here’s a look at the market’s performance as of morning trading:
Dow Jones Industrial Average: Down 608.23 (-1.42%)
Nasdaq Composite: Down 175.17 (-0.90%)
S&P 500: Down 49.48 (-0.82%)
Market Movers
Defense stocks are squarely in the spotlight following Israel’s ongoing missile strike on Iran, driving gains of 2%-3% in shares of RTX (NYSE: RTX), Lockheed Martin (NYSE: LMT), and Northrop Grumman (NYSE: NOC).
Oppenheimer is positive on content streaming giant Netflix (Nasdaq: NFLX), reiterating its “outperform” rating on the stock and pointing to a “long subscriber runway” for the company’s future growth.
Goldman Sachs has a favorable view on software provider Adobe (Nasdaq: ADBE), re-emphasizing its “buy” rating for the stock and citing beneficial AI catalysts. Goldman analysts have set a price target of $570 on ADBE shares.
Despite the share price having a target on its back, EV leader Tesla (Nasdaq: TSLA) has received a strong vote of confidence from Wall Street. Morgan Stanley analysts have reiterated their “overweight” rating on the stock, pointing to several positive trends in rapidly expanding areas like data, robotics, energy, and AI.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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