The S&P 500 (^GSPC 1.22%) fell 0.43% to 6,939.03 and the Nasdaq Composite (^IXIC 1.46%) dropped 0.94% to 23,461.82 on tech and growth weakness. The Dow Jones Industrial Average (^DJI 1.24%) slipped 0.36% to 48,892.47 as risk assets sold off broadly.
Market movers
Precious metals and financial stocks led decliners today after a historic crash in gold and silver. A handful of retail and consumer staples stocks showed resilience, with small gains from Walmart (WMT +0.92%) and Coca Cola (KO +0.26%). Megacap tech stocks curbed recent losses, with Microsoft (MSFT 0.15%) down just 0.74% after this week's shocking decline. Apple (AAPL 2.14%) inched up 0.46% to $259.48 after solid after-hours earnings yesterday.
What this means for investors
The dollar rallied today while gold and silver posted dramatic declines, in part due to confirmation that President Trump would nominate Kevin Warsh to lead the Federal Reserve. Markets expect Warsh, who has frequently called for change, to take a less dovish stance on rates.
Silver lost more than 35% in intraday trading -- its biggest daily fall on record. Gold futures fell by 11% before recovering slightly at the end of the day. Precious metal prices have soared over the last year, with gold and silver setting record highs after record highs. In spite of the pullback, both metals finish the month in the green.
AI skepticism continues to weigh on the Nasdaq after a week of megacap earnings. And health stocks are feeling the pressure of government proposals to cap Medicare Advantage rates.
