Overview

• The S&P 500 fell 0.8% and the Dow declined 0.7% after crude oil jumped more than 4% on fears of disrupted shipments through the Strait of Hormuz.
• President Trump intensified rhetoric by demanding Iran’s “unconditional surrender,” heightening investor concerns over possible U.S. intervention.
• U.S. retail sales dropped 0.9% in May, reinforcing worries about consumer spending and overall economic growth.
• Solar stocks plunged on expectations that Congress may phase out tax credits for renewable energy sources.
• Defense shares such as Lockheed Martin and Northrop Grumman gained ground on prospects of increased military spending.