| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39065.26 | -605.78 | -1.53% |
| S&P 500 | 5267.84 | -39.17 | -0.74% |
| Nasdaq | 16736.03 | -65.51 | -0.39% |
| VIX | 12.77 | 0.48 | 3.91% |
| Gold | 2331.10 | -6.10 | -0.26% |
| Oil | 76.94 | 0.07 | 0.09% |
US MARKET
U.S. stocks fell as strong economic data led investors to expect the Fed to keep rates higher for longer.
The DJIA dropped 605 points or 1.5% to 39,065, the S&P 500 fell 0.7% to 5,267, and the Nasdaq lost 0.4% to 16,736.
Weekly jobless claims were lower than expected, and the S&P Global Flash U.S. Composite PMI hit a 25-month high in May.
Nvidia’s shares jumped 9.3% after reporting record revenue and profits, but this wasn’t enough to lift major indexes. Ten out of 11 S&P 500 sectors fell, with only the information-technology sector gaining.
“The market has a really risk-off tone,” said Adam Phillips of EP Wealth Advisors.
The 10-year U.S. Treasury note yield rose to 4.474% from 4.433%, dampening market enthusiasm.
Boeing fell 7.6%, Comerica dropped 5.7% after regulatory action, and Live Nation declined 7.8% following a Justice Department lawsuit.
The Australian share market closed lower on fears of potential U.S. interest rate hikes.
The S&P/ASX200 fell 36.3 points or 0.46% to 7,811.8, and the All Ordinaries dropped 35.2 points or 0.43% to 8,083.1.
Minutes from the Federal Open Market Committee indicated some members favored raising U.S. rates, causing a sell-off in U.S. markets and a rise in bond yields.
Nvidia exceeded earnings expectations with $28 billion in Q1 revenue, up 262% year-over-year, highlighting strong AI demand. Tech gained 2.3%, led by Xero’s 8.7% rise after strong earnings.
Mining fell 2.2%, with BHP down 2.9% after a rejected bid for Anglo American. Fortescue dropped 1.1%, Rio Tinto fell 2%, and Northern Star declined 3.3%.
All Big Four banks closed lower: ANZ down 0.8%, NAB down 1.1%, and CBA down 0.6%. The Australian dollar was at 66.28 US cents, down from 66.62 US cents on Wednesday.