Thursday, 30 May 2024
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As the Debt Crisis Worsens, Stocks Decline

On Wall Street’s worries that the Washington debt-ceiling battle won’t be resolved, US markets finished down on Tuesday.

S&P 500 (GSPC) value dropped 1.12% at the session’s end. The Dow Jones Industrial Average fell by 200 points or 0.69%. The heavily weighted Nasdaq Composite in technology (IXIC) fell more than 1.26%.

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Tuesday saw a decrease in Treasury prices across the curve, with the benchmark 10-year yield edging lower to 3.7%. The yield on the 30-year bond edged down to 3.95%, while the yield on the two-year bond increased to 4.34%. Investors are nervous as we approach the “X-date” of June 1, when Treasury Secretary Janet Yellen predicted a default.

S&P Global‘s flash US composite PMI, which measures the state of the economy, registered 54.5 in May, up from 53.4 in April and higher than the 53.0 economists had predicted. Sales of brand-new single-family homes increased by 4.1% in April to an annualized pace of 683,000, exceeding the previously reported rate of 656,000.

  • Investors are nervous about the “X-date” of June 1, when Yellen predicts a default.
  • Sales of new single-family homes increased 4.1% in April, surpassing the previously reported rate of 656,000.
  • Zoom Video Communications reported better-than-expected results, while Pfizer increased after successful weight loss.

Shares of Yelp Inc. (YELP) increased more than 5% in a single stock movement as activist investor TCS Capital Management reaffirmed its interest in the company and demanded that it consider all strategic options, including a sale.

While Apple (AAPL) said it had reached a multi-billion dollar agreement with chipmaker Broadcom Inc. (AVGO), Lowe’s Companies, Inc. (LOW) shares increased 2% following the home improvement retailer’s reduction of its full-year sales projection. Dick’s Sporting Goods (DKS) dropped after exceeding expectations for sales and profitability in its first fiscal quarter while keeping its projection for this year.

Shares of Zoom Video Communications (ZM) fell more than 7% after the maker of videoconferencing software announced better-than-expected financial results for the first quarter of its fiscal year. Pfizer Inc. (PFE) increased after a study revealed that individuals using the pharmaceutical company’s oral diabetic therapy saw successful weight loss.

Shares of BJ’s Wholesale Club Holdings (BJ) fell more than 7% after the company revealed revenue that was lower than analysts had predicted. Password sharing is being strictly prohibited by Netflix (NFLX) in the US. Results from Palo Alto Networks (PANW), Intuit Inc. (INTU), and Toll Brothers (TOL) are anticipated to be released after the bell.

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