U.S. Market Dips June 20, 2023: Energy Stocks and Boeing Lead Decline Amid Shortened Week
Explore how energy stocks, Boeing, Intel, and Nike influenced the U.S. stock market downturn on June 20, 2023, marking a challenging start to the shortened trading week with key insights into sector movements and notable stock performances.
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Highlights to Know
- U.S. stocks opened the shortened trading week on June 20, 2023, with declines led by energy sector losses.
- Dow Jones was dragged down notably by Boeing, Intel, and Nike shares.
- Tesla and Rivian stocks rose following a strategic move for Rivian EVs to utilize Tesla’s charging network.
The U.S. equity market faced headwinds after the extended holiday, as both traditional and renewable energy stocks weakened. Bond yields also slipped ahead of Federal Reserve Chair Jerome Powell’s upcoming Congressional testimony, following last week’s mixed signals on interest rate policies.
Falling oil futures pressured major crude producers like Chevron (CVX), APA (APA), and Devon Energy (DVN), alongside oilfield service companies Halliburton (HAL), Baker Hughes (BKR), and SLB (SLB). Solar energy firms such as SolarEdge Technologies (SEDG) and Enphase Energy (ENPH) also saw declines, contributing to the S&P 500’s downward momentum.
Intel (INTC) shares dropped after announcing a near doubling of investment in a new German manufacturing facility. Boeing (BA) fell 3% as Airbus secured a record 500-plane order from India’s IndiGo airline. Nike (NKE) shares declined amid concerns over inventory backlogs.
Generac Holdings (GNRC) surged on reports forecasting potential widespread blackouts in the Southern U.S. due to extreme heat and storms. Electric vehicle makers Tesla (TSLA) and Rivian (RIVN) gained, bolstered by Rivian’s adoption of Tesla’s charging standard.
Homebuilders like D.R. Horton (DHI) experienced gains following a Commerce Department report revealing a stronger-than-expected rise in housing starts and building permits. DICE Therapeutics (DICE) hit a record high after Eli Lilly (LLY) announced a $2.4 billion acquisition agreement.
Gold and other precious metals prices declined, while the U.S. dollar strengthened against the euro and pound but weakened versus the yen. Most major cryptocurrencies traded positively in the afternoon session.
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