From Yahoo Finance: 2024-05-30 09:35:48

US markets continued to drop as concerns about higher interest rates and a Salesforce sell-off weighed on investor sentiment. The Dow fell nearly 300 points, the S&P 500 dropped 0.2%, and the Nasdaq dipped about 0.3%. Bond yields hit their highest levels since May, with the 10-year Treasury above 4.5%. Meanwhile, the US economy grew at a slower pace than expected in the first quarter, with GDP increasing at an annualized pace of 1.3%. Retail earnings revealed challenges, with Kohl’s reporting a surprise loss and Best Buy seeing a bigger drop in sales than anticipated.
Salesforce shares plummeted 18% after missing second quarter guidance, leading to concerns about the macro environment and deal signings. Nvidia’s soaring shares failed to boost the overall market amid worries about interest rates and inflation. The 10-year Treasury yield surpassed 4.5%, impacting stocks. The US economy grew at a slower pace in Q1 than initially thought, with GDP at 1.3%. Many forecasters don’t see this as a sign of broader slowdown. Best Buy reported poor sales, raising questions about structural issues in the company’s business. Chewy’s shares surged 27% following a better-than-expected quarter, despite a decrease in active customers. The company plans to open more vet clinics and is testing a paid membership program. HP Inc. shares rose after reporting strong Q2 results, with a trend of companies upgrading computers before Windows 10 support ends in 2025. Salesforce shares fell 16% pre-market after missing key performance obligations and giving weak guidance due to macroeconomic concerns and deal delays from Q1.



Read more at Yahoo Finance: Dow extends slide as lackluster earnings, rate fears prey on nerves