From Nasdaq: 2025-05-21 19:48:00

Stock indexes closed lower on Wednesday, with the S&P 500, Dow Jones, and Nasdaq 100 all down. Weak demand at a Treasury bond auction led to a spike in bond yields. Concerns about rising US deficits and geopolitical risks also weighed on the market.

US MBA mortgage applications fell by 5.1% in the latest week, with the average 30-year fixed rate mortgage rising to 6.92%. Bitcoin hit a record high as stablecoin legislation advanced in the Senate. Tariff news and trade deals, G-7 meetings, and economic data are in focus this week.

European government bond yields rose, with the ECB warning of potential shifts in capital flows. UK inflation exceeded expectations. Swaps indicate a 93% chance of an ECB rate cut. US stock movers included credit reporting firms and companies like Palo Alto Networks, VF Corp, and Moderna.

Earnings reporting season is coming to a close, with positive results for most S&P 500 companies. Overseas markets were mixed, with the Euro Stoxx 50 unchanged and China’s Shanghai Composite up. Interest rates rose, with the 10-year T-note yield hitting a 3-1/4 month high.

Alphabet and Dycom Industries saw gains, while companies like UnitedHealth Group and Target Corp faced losses. Take-Two Interactive announced a public offering, and L3Harris Technologies rose after a missile defense announcement. Earnings reports for May 22 include companies like Analog Devices, Autodesk, and Intuit.



Read more at Nasdaq: Stocks Tumble as Bond Yields Jump on Deficit Concern and Weak Auction