Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average ended lower Friday but investors largely ignored tensions in the Middle East, weak data from China, and disappointing revenue and demand outlooks from Broadcom (AVGO - Get Report) .
- Chipmaker Broadcom tumbled after beating quarterly earnings expectations but missing revenue estimates and saying it sees a slowdown in demand.
- Shares of Chewy.com (CHWY) , an online retailer of pet food and supplies, jumped 59.1% to $34.99 after it debuted on the New York Stock Exchange. Chewy.com is Real Money's Stock of the Day.
Wall Street Overview
The Dow ended lower Friday but investors largely ignored tensions in the Middle East over the attack on two tankers in the Strait of Hormuz, weak economic data from China, and a disappointing demand outlook from Broadcom (AVGO - Get Report) that pulled down the semiconductor sector.
The Dow Jones Industrial Average, which fell as much as 118 points, ended down 17 points, or 0.07%, to 26,089, the S&P 500 slipped 0.16%, and the Nasdaq tumbled 0.52%.
The U.S. blamed Iran for Thursday's suspected attacks on the tankers, denouncing what it called a campaign of "escalating tensions" in a region crucial to global energy supplies.
U.S. military officials on Friday released a video they said shows Iran's Revolutionary Guard removing an unexploded limpet mine from one of the oil tankers targeted near the Strait of Hormuz, suggesting the Islamic Republic sought to remove evidence of its involvement.
Chipmaker Broadcom, the top loser on the Nasdaq, tumbled 5.6% to $265.93 after beating quarterly earnings expectations but missing revenue estimates and said it sees a slowdown in demand. CEO Hock Tan said "the U.S.-China trade conflict including the Huawei export ban is creating economic and political uncertainty and reducing visibility."
Shares of Chewy.com (CHWY) , an online retailer of pet food and supplies, shares jumped 59.1% to end at $34.99 in their debut on the New York Stock Exchange. Chewy.com is Real Money's Stock of the Day.
In economic news, U.S. retail sales rose at a slower-than-estimated pace last month, though the government revised a prior report that had shown a drop in sales during April.
The University of Michigan's preliminary sentiment index fell to 97.9 from 100 in May due to tariffs as well as slowing gains in employment. Most of the concern was with the 25% tariffs on nearly half of all Chinese imports.