The S&P 500 Index is down 0.68%, the Dow Jones Industrial Average is down 0.34%, and the Nasdaq 100 Index is down 0.95% as of today, marking the S&P and Nasdaq’s lowest points in 1.5 weeks and the Dow’s lowest in 2 weeks. Rising bond yields, including a leap to a 16-month high of 4.69% for the 10-year T-note, alongside elevated crude oil prices, have led to risk-off sentiment in asset markets.
In positive economic news, April pending home sales increased by 1.4% month-over-month, surpassing expectations of 1.0%. Meanwhile, global volatility in oil prices persists, with WTI crude prices dropping over 1% today, partially due to President Trump’s canceled military action against Iran and expectations of severe undersupply in oil markets, potentially decreasing global crude stockpiles by nearly 1 billion barrels by June.
Approximately 83% of S&P 500 companies that reported Q1 earnings have beaten estimates, with overall earnings projected to rise 12% year-over-year, although excluding the technology sector shows a modest increase of 3%, the weakest in two years. In the UK, April’s payroll numbers showed a decline of 100,000, exceeding expectations of a 10,000 decrease, indicating a weakening labor market.
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