As of today, the S&P 500 Index is down 0.05%, while the Dow Jones Industrial Average is up 0.23%, and the Nasdaq 100 has decreased by 0.15%. June E-mini S&P futures are also down by 0.05%, and June E-mini Nasdaq futures have fallen 0.19%. Weakness in energy producers and cybersecurity stocks is affecting overall market performance, as the Nasdaq 100 retreats from a recent all-time high.
Crude oil prices have dropped over 4%, reaching a 5-week low, following reports that a US-Iran peace deal may normalize oil flows from the Middle East. This decline in oil prices has eased inflation expectations, contributing to a drop in the 10-year Treasury note yield to 4.45%. Additionally, US MBA mortgage applications fell 8.5% for the week ending May 22, with the average 30-year fixed mortgage rate rising to a 9-month high of 6.65%.
In recent earnings reports, 83% of S&P 500 companies that reported Q1 results exceeded estimates, with expected earnings growth of 12% year-over-year. Chipmakers are notably climbing due to optimism around AI investment, while major airlines and cruise lines benefit from lower fuel costs. Meanwhile, Zscaler shares have plummeted over 27% after forecasting weaker-than-expected revenues.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
