Market Snapshot: Stocks close lower on the day but Dow on track for best June since 1938

  • S&P 500 stumbles after notching its first record since April
  • Minneapolis Fed President Kashkari advocates for a 50 basis point rate cut
  • June Flash manufacturing PMIs were the worst since Sept. 2009; Services were the worst since 2016

Stocks bounced around Friday morning amid testiness between Iran and the U.S. and as a wave of Federal Reserve members offered further insights about the U.S. central bank’s willingness to dial back interest rates if economic conditions worsen.

The session also marks quadruple witching, the simultaneous expiration of single-stock options and single-stock futures as well as index options and index futures. That is often associated with volatile markets.

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