The S&P 500 Index closed down 0.22% on June 28, 2023, while the Dow Jones Industrial Average fell 0.03%, and the Nasdaq 100 dropped 1.54%. E-mini S&P futures decreased by 0.21%, and E-mini Nasdaq futures fell by 1.57%. These declines followed a selloff in chipmakers and AI-infrastructure stocks, exacerbated by weaker-than-expected U.S. economic data including a June ADP employment change increase of 98,000, versus an expected 120,000, and a decline in the ISM manufacturing index to 53.3, lower than the forecast of 53.9.
In the bond market, the yield on 10-year Treasuries rose to 4.473%, while the 30-year fixed mortgage rate decreased slightly to 6.57%. Meanwhile, WTI crude oil prices fell over 1%, reaching a 4.25-month low, amid negotiations between the U.S. and Iran that appeared to show progress. Markets are currently anticipating a 27% chance of a 25 basis point rate hike at the Federal Open Market Committee meeting on July 28-29.
In stock movements, Meta Platforms surged over 8% after announcing plans for a cloud infrastructure business focused on AI computing, while chipmakers generally fell, with the iShares Semiconductor ETF down more than 6%.
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