From Nasdaq: 2024-05-16 18:08:16

The S&P 500, Dow Jones, and Nasdaq 100 closed lower, giving up early gains. Fed speculation and weaker economic data impacted stocks. Cleveland and Richmond Fed Presidents’ hawkish comments pushed bond yields up. Positive Q1 earnings reports supported stocks. Unemployment claims fell but housing starts and manufacturing production were weaker. Market discounting rate cut chances. Overseas markets settled mixed.

US Treasury yields rose on persistent inflation fears. T-notes fell after import prices rose. Housing data and Fed comments influenced the market. ECB member hints at rate cut. European bond yields higher.

Deere & Co and Cisco saw stock declines after forecast cuts. Homebuilders stocks dropped due to weak housing data. Civitas Resources, Biogen, and Meta Platforms fell for various reasons. Walmart surged on strong sales. Other retailers and Chubb also saw gains. AI hardware providers and Trade Desk climbed.

Earnings report highlights included Cato Corp, DZS Inc, and RBC Bearings Inc. Check out more market news from Barchart for updates.



Read more at Nasdaq: Stocks Fall Back on Concern Interest Rates to Stay Higher for Longer