June 18, 2021

June 18, 2021

Stocks dropped today, with every major index finishing in negative territory. In economic news, there were 1.57 million housing starts during May, less than the expected 1.63 million.

Dow Jones -533 at 33,290

S&P 500 -55 at 4,166

NASDAQ -131 at 14,030

The 10 Year Treasury closed down 6 basis points yielding 1.45%

Oil prices closed up $0.64 ending at $71.68 a barrel

Gold prices closed down $6 ending at $1,768 an ounce

Corporate news:

• Shares of Adobe moved 3% higher after the company reported better-than-expected quarterly profits and revenue. Adobe also gave stronger-than-expected current quarter guidance.

• Biogen shares increased over 1% after the drugmaker was upgraded at PiperSandler, which cites several factors including the likelihood that doctors will prescribe Biogen’s newly approved Alzheimer’s drug.

• Delta Airlines was upgraded at Wolfe Research, which said it sees business travel benefiting from pent-up demand later this summer.