On Tuesday, June 6, 2023, the S&P 500 Index closed down 0.26%, while the Dow Jones Industrial Average rose by 0.17%. The Nasdaq 100 Index saw a decline of 1.12%, reaching a 5-week low. Significant sell-offs in technology sectors, particularly among chipmakers and software companies, were observed, with WTI crude oil prices plummeting 3% to a 7-week low.
In contrast, homebuilders and suppliers experienced a rally as U.S. May existing home sales surged by 3.2% month-over-month to a five-month high of 4.17 million units. Additionally, airline stocks gained due to reduced fuel costs stemming from lower crude prices.
The U.S. trade deficit eased to $55.9 billion in April, a slight improvement over March’s $56.6 billion and below the expected $56.1 billion. In international markets, China’s exports increased by 19.4% year-over-year in May, exceeding the anticipated 15% growth.
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