US Stock Market Close: All Three Major Indexes Fall Over 1%, Energy and Precious Metals Sectors Buck the Trend, Strengthening

On Friday (June 13), US stocks opened lower and continued to decline, with all three major indices closing in the red.

At the close, the Dow Jones Industrial Average fell 1.79% to 42,197.79 points; the S&P 500 fell 1.13% to 5,976.97 points; and the Nasdaq Composite Index fell 1.3% to 19,406.83 points.

For the week, the Dow fell 1.32%, the S&P 500 fell 0.39%, and the Nasdaq fell 0.63%, all ending a two-week winning streak.

In the early hours of Friday (June 13) local time, tensions in the Middle East escalated, causing several popular US stocks to decline significantly during the night session.

Affected by geopolitical tensions, international crude oil futures settled sharply higher, rising over 7%. WTI July crude oil futures rose 7.26%, and Brent August crude oil futures rose 7.02%. US COMEX gold futures rose 1.47%.

Despite the overall decline in US stocks, sectors such as energy and precious metals rallied against the trend. ExxonMobil rose 2.18%, ConocoPhillips rose 2.4%; VanEck Gold Miners ETF rose 1.74%, and Newmont Corporation rose 3.54%.

Louis Navellier, Chief Investment Officer at Navellier & Associates, said, "The lasting damage could be to crude oil prices. If oil prices do not pull back soon, it will certainly cause some damage to US inflation data."

Performance of Popular Stocks

Most large-cap tech stocks declined, with (ranked by market capitalization) Microsoft falling 0.82%, NVIDIA falling 2.09%; Apple falling 1.38%, Amazon falling 0.53%, Alphabet Class C falling 0.62%, Meta falling 1.51%, Broadcom falling 2.88%, and Tesla rising 1.94%.

Oracle rose 7.69%, gaining 23.68% for the week, marking its best weekly performance since 2001. Drone manufacturer AIRO Group surged 140% on its first day of trading.

Among Chinese stocks listed in the US, the Nasdaq Golden Dragon China Index fell 2.74%, declining 0.77% for the week.

Most popular Chinese stocks listed in the US closed lower, with Pony.ai falling 7.24%, XPeng Motors falling 5.46%, Li Auto falling 3.84%, Alibaba falling 3.22%, NIO falling 3.04%, Pinduoduo falling 2.76%, JD.com falling 2.53%, New Oriental falling 2.33%, Tencent Music Entertainment falling 2.13%, and Baidu falling 2.06%.

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