Markets
Here are today’s market moves:
S&P 500 down 0.21% to 4,188.13
Dow Jones down 0.24% to 34,312.46
Nasdaq down 0.03% to 13,657.17
Bitcoin: $38,167
US10Y: 1.559%
What Happened?
U.S. stocks closed lower on Tuesday after a weaker-than-expected reading on consumer confidence in May.
The US Dollar fell to its lowest level since early January.
Investors remain focused on inflation. Rising inflation has been blamed for recent stock-market volatility as investors fear it could lead to the Fed raising interest rates sooner than expected.
Recent comments from the Fed have helped ease concerns. Chicago Fed President Charles Evans said today that strong U.S. inflation readings are not the start of a steady move higher in consumer prices.
The crypto market has recovered slightly this week following a volatile trading weekend. In the past two weeks, the total market capitalization of the crypto market fell by nearly 50%.
What Else?
This Week
Monday: Earnings expected from Nordson.
Tuesday: Earnings expected from Intuit, Nordstrom, and Urban Outfitters.
Wednesday: Earnings expected from Dick’s Sporting Goods, Honeywell, and Snowflake.
Thursday: Earnings expected from BestBuy, Costco, HP, and Salesforce.
Friday: Earnings expected from Big Lots and Brookfield Property.