Market falls due to weak consumer spending and chip stocks, some tech and retail stocks perform well.

From Nasdaq: 2024-05-31 13:19:28

The S&P 500 is down -0.50%, the Dow Jones is up +0.13%, and the Nasdaq 100 is down -1.36% due to weak tech stocks. US indexes initially rose on steady inflation data and lower bond yields, but fell on disappointing personal spending and chip stock weakness. Dell is down on AI server sales disappointment.

April PCE deflator report in line with expectations. April personal spending weaker, while income in line with expectations. Dallas Fed President hints at leaving rate hike on table. Markets discounting rate cut for upcoming FOMC meetings. Positive Q1 earnings results supporting stocks.

Overseas markets mixed, with Europe seeing bond yields fall in-line with US T-notes. Eurozone CPI slightly stronger, but not affecting ECB rate cut expectations. Eurozone bonds expecting -25 bp cut next week. Marvell Tech dragging down chip stocks. Zscaler up after beating earnings. Dell down on weak AI server sales.

Trump Media & Technology Group down after Trump conviction. Earnings reports from Genesco Inc (GCO), Mesa Laboratories Inc (MLAB). Retail stocks like Gap up after strong results. Personal spending data affecting consumer stocks. Engaging with earnings reports.



Read more at Nasdaq: Stocks Falls on Concern about Weaker US Consumer Spending and Chip Stock Weakness