The S&P 500 Index is down 0.43% today, alongside the Dow Jones, which has decreased by 0.28%, and the Nasdaq 100, down 0.62%. June E-mini S&P futures are also down 0.42%, reflecting negative market sentiment amid escalating tensions in the Israel-Iran conflict. President Trump stated post-G7 meeting that he has not initiated peace talks and aims for a permanent resolution regarding Iran’s nuclear activities.
US May retail sales fell by 0.9%, exceeding expectations of a 0.6% decline, while import prices, excluding petroleum, rose by 0.2%. These economic indicators contributed to stagnation concerns, further impacting market performance. Notably, Israel’s military activity against Iran continues with a slight reduction in missile launches as of today.
The market is now focused on the June NAHB housing market index, expected to rise from 34 to 36, alongside the Federal Open Market Committee’s two-day meeting, where the federal funds target rate is anticipated to remain unchanged at 4.25% to 4.50%. Initial unemployment claims are expected to drop by 3,000 to 245,000 due to the upcoming Juneteenth holiday.
