Stocks tumble, housing hits the skids, Musk's Twitter meeting: LIVE UPDATES

Stocks tumble, housing hits the skids, Musk’s Twitter meeting: LIVE UPDATES

Breaking News

Elon Musk talks to Twitter employees

Elon Musk, in his all hands meeting with Twitter, employees addressed a few top priorities, per reports…

Elon Musk is not concerned with being CEO of the company

He wants to hit 1 billion users

There needs to be a “rationalization” of headcount

Advertising is “very important” for the company

Source: Reuters

Developing Story

Dow sinks by triple digits

Symbol Price Change %Change
NKE $107.30 -6.35 -5.59%
AXP $139.01 -7.17 -4.90%
CVX $156.70 -7.69 -4.68%
WMT $121.40 +2.03 +1.70%
PG $133.84 +1.38 +1.04%

Dow Jones Averages.

$

29988.49

The Dow Jones Industrial Average fell as much as 700 points before easing with leading decliners Nike, American Express and Chevron, while Walmart and Procter & Gamble held up.

Housing headwinds mount

Housing starts and permits, signs of future growth, fell sharply in May signaling a sharper downturn facing homebuilders in the coming months.

Starts: -14.4% to 1.549M

Permits: -7% to 1.695M

Breaking News

Stocks tumble post Fed rally

Symbol Price Change %Change
I: DJI $29,993.43 -675.10 -2.20%
SP500 $3,693.00 -96.99 -2.56%
I:COMP $10,772.79 -326.37 -2.94%

US stocks fell across the board as the post Fed rate hike rally faded and investors returned their attention to recession fears. New data on housing starts and permits showed a sharp pullback signaling a potentially steeper slowdown for homebuilders. In commodities, oil slipped to the $112 level.

Futures at a glance

US equity futures are substantially lower in premarket trading on Thursday, a day after the Fed’s decision to raise interest rates by 75 basis points.

Meanwhile, oil prices are lower, with West Texas Intermediate crude futures trading at $114 a barrel while Brent crude is trading at around $117 per barrel.

Stock futures plunge following post-Fed decision rally

US equity futures fell Thursday morning as the post-Fed decision relief rally paused. Stock traders will be watching economic data such as jobless claims and housing starts that could influence trading.

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Bitcoin continues downward trend

Bitcoin traded above $21,000 after falling in the overnight hours to a low of $20,111. Bitcoin enters Thursday on a nine-day losing streak, dropping more than 30% during that streak. The cryptocurrency is off more than 30% for the month and down more than 53% year-to-date. Ether traded around $1,100 and Dogecoin was at 5 cents.

Gas price slides

The price of a gallon of regular gasoline slipped slightly Thursday morning to $5.009, according to AAA. The price on Wednesday was $ 5.014. Gas hit a landmark milestone over the weekend reaching $5 a gallon. Diesel rose to a record at $5.786 up from $5.78.

Oil prices see-saw

Oil traded choppy Thursday following a steep drop in the prior session, supported by tight oil supply and peak summer consumption, after the Federal Reserve raised interest rates.

US West Texas Intermediate crude futures climbed to $115 a barrel. Brent crude futures rose to $119 a barrel.

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