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Mkt Cap
SIXC
Communications
SIXC
Communications
SIXC
-2.77%
570.23
-16.25
-2.77%
586.48586.48586.48569.25
SIXY
Discretionary
SIXY
Discretionary
SIXY
-2.52%
2,330.42
-60.27
-2.52%
2,390.692,382.352,384.242,324.83
SIXRE
Real estate
SIXRE
Real estate
SIXRE
-2.48%
214.71
-5.45
-2.48%
220.16220.16220.16214.19
SIXR
Staples
SIXR
Staples
SIXR
-2.21%
841.92
-19.05
-2.21%
860.97857.60858.88838.70
SIXV
Health care
SIXV
Health care
SIXV
-1.41%
1,518.55
-21.65
-1.41%
1,540.201,538.021,538.021,511.18
US market summary
The Federal Reserve, led by new Chairman Kevin Warsh, voted unanimously to hold the benchmark interest rate steady at a range of 3.5% to 3.75% during its June 2026 meeting. Despite the pause, officials signaled a hawkish turn with a majority of policymakers now projecting at least one interest rate hike before the end of the year to combat persistent inflation. Chairman Warsh also initiated a significant reform by removing traditional forward guidance and establishing task forces to review the central bank's communication and inflation framework.
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Equities retreat as interest rate worries overshadow geopolitical progress
Major U.S. stock indexes fell sharply following the Federal Reserve's updated economic projections, with the Dow Jones Industrial Average dropping over 500 points. While markets initially saw support from a preliminary peace deal between the U.S. and Iran, the prospect of higher-for-longer interest rates weighed heavily on growth sectors. Technology giants including Microsoft, Amazon, and Nvidia saw significant declines, dragging down the broader S&P 500 and Nasdaq composites.
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US-Iran interim agreement triggers sharp decline in energy prices
Oil prices retreated as President Donald Trump and Iranian President Masoud Pezeshkian signed an interim memorandum to end military conflicts and reopen the Strait of Hormuz. Brent crude fell toward $77 a barrel following the news, easing some of the energy-driven inflationary pressures that have plagued the global economy. The agreement includes provisions for the waiver of U.S. sanctions on Iranian oil, potentially leading to a significant increase in global supply volumes next year.
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Consumer spending resilience persists despite inflationary headwinds
U.S. retail sales grew by 0.9% in May 2026, significantly exceeding analyst forecasts and marking the fourth consecutive month of expansion. This robust spending was driven by gains in automotive and furniture sales, as well as higher gasoline receipts, which helped push year-over-year inflation to a three-year high of 4.2%. The strong consumer data prompted some economists to upgrade second-quarter GDP growth estimates to an annualized rate of 3.0%.
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