Stocks fell as optimism for Fed rate cuts decreased due to strong economic data

From Nasdaq: 2024-05-23 18:21:20

The US stock market closed lower, with the S&P 500 and Dow Jones falling to weekly lows after initial optimism was dampened by better-than-expected economic data, reducing expectations of Fed rate cuts. Positive Q1 earnings results supported stocks. US weekly jobless claims unexpectedly fell. Overseas markets were mixed, with China and Eurozone showing positive signs. Interest rates rose as T-notes fell on strong labor market and manufacturing data. European bond yields increased.

Stock movers included Live Nation Entertainment, Boeing, and GlobalFoundries that closed lower, while Medtronic Plc, Arista Networks, and International Paper closed higher. Nvidia led gainers with strong earnings, forecasting impressive Q2 revenue. Dell Technologies and Ralph Lauren also closed higher after positive news. Earnings reports included Autodesk, Booz Allen Hamilton, Children’s Place, and RH. Market trends remain volatile, influenced by economic data and company news.



Read more at Nasdaq: Stocks Retreat as the Outlook for Fed Rate Cuts Wanes