The S&P 500 Index closed down 0.57% on Tuesday, while the Dow Jones Industrial Average saw an increase of 0.64%, reaching a new all-time high. The Nasdaq 100 Index, however, declined by 1.89%. Key market data revealed that June E-mini S&P futures fell 0.60%, and June E-mini Nasdaq futures dropped 1.87%. On the economic front, US housing starts in May fell 15.4% month-over-month to a six-year low of 1.177 million, significantly below the expected figure of 1.430 million.
Crude oil prices plummeted over 5% to a 3.5-month low, partially influenced by a US-Iran agreement to reopen the Strait of Hormuz, which could revitalize crude supplies. This price decline prompted Goldman Sachs to lower its Brent crude forecast for Q4 2023 to $80 per barrel, down from $90. In financial markets, the yield on the 10-year Treasury note fell 5 basis points to 4.42%, and there is currently a 5% probability of a 25 basis point rate hike by the Federal Reserve during its ongoing two-day meeting, which is the first chaired by Kevin Warsh.
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