The dip buyers are getting beaten up today.
The market briefly rose into positive territory shortly after the open but it’s been downhill since Trump started talking about striking Iran “very hard.” Now Israel’s Minister of Defense Katz is saying the war with Iran is “far from over” and the IDF is prepared to strike with far greater force
WTI crude oil is at the highs of the day, up $3.45 to $91.65. The S&P 500 fell as much as 1.3% but in the past few minutes, it’s pared that to 1.0%. Eyes will be on tomorrow’s IPO of SpaceX, which will be the biggest ever.
There is a sense that some investors are selling a few tech names in order to raise capital to participate. Tesla shares are down 3.0% and at the lowest since May 1. Trump is also out with a message on Truth Social about getting out through Hormuz: Last month, I directed our Great U.S.