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On Tuesday, the S&P 500 Index closed down -0.84%, the Dow Jones fell -0.70%, and the Nasdaq 100 dropped -1.00%. Concerns regarding the ongoing Israel-Iran conflict intensified after President Trump indicated that there would be no ceasefire, leading to a negative market sentiment and a 4% surge in crude oil prices. U.S. May retail sales fell by -0.9%, worse than the expected -0.6%, while the NAHB housing market index slipped to a two-and-a-half-year low of 32, indicating a slump in homebuilder sentiment.
Amid escalating tensions in the Israel-Iran conflict, Trump has called for “unconditional surrender” from Iran, and Israel plans to intensify its military actions. As hostilities entered a fifth day, there were reports of fewer Iranian missile launches. The markets remain wary as negative tariff news is anticipated next week following Trump’s recent announcements on unilateral tariffs. The FOMC is meeting, with expectations that the federal funds target rate will remain unchanged.
In stock movements, travel-related stocks like United Airlines and Delta Air Lines fell over -6% and -4% respectively, while defense and energy stocks rose due to escalating military actions and oil price hikes. T-Mobile US dropped -4% after Softbank Group sold shares, and Redwire Corp fell over -18% after announcing a $200 million stock offering.
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