The S&P 500 Index closed up 0.02% on Wednesday, while the Dow Jones Industrial Average increased by 0.36%, marking a new record high. Conversely, the Nasdaq 100 Index fell by 0.09%. This mixed performance comes amid a more than 5% drop in crude oil prices, attributed to optimism around the potential for U.S.-Iran peace talks, which could stabilize oil flow through the Strait of Hormuz. The 10-year T-note yield fell to 4.45%, a 1.5-week low, reflecting eased inflation expectations.
In economic data, U.S. mortgage applications fell by 8.5% for the week ending May 22, driven by an 18.1% decline in refinancing applications. Meanwhile, the Richmond Fed’s manufacturing survey showed a significant rise, reaching a 4.5-year high of 13, exceeding expectations of 4. In corporate news, 83% of S&P 500 companies reporting Q1 earnings have surpassed estimates, with overall earnings projected to grow by 12% year-over-year. However, the technology sector is expected to see only a 3% increase, the weakest in two years.
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