Stock Market Overview
Stocks See Support from Chip Stocks But T-Note Yield Rises
The S&P 500 Index ($SPX) (SPY) Tuesday closed up +0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.55%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.32%.Â
US stock indexes settled mixed on Tuesday, with the Dow Jones Industrials posting a 3-week low. A +6% jump in Nvidia led chip stocks higher and supported the broader market. Also, Tuesday’s unexpected increase in US May consumer confidence supported the US economy and stocks.
However, a jump in the 10-year T-note yield on Tuesday to a 3-week high weighed on the overall market. T-note yields rose after Minneapolis Fed President Kashkari said the US economy has remained "remarkably resilient" and the Fed should monitor whether inflation is slowing enough to warrant interest rate cuts. T-note yields jumped to their highs Tuesday afternoon on tepid demand for the Treasury’s 2-year and 5-year T-note auctions.
Increased M&A activity is supportive of stocks. Energy Transfer LP on Tuesday ag... Read more
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