US Stock Market Facing Steep Decline Amid Lower Sales Reports
US Stock Market Plunges as Companies Report Lower Sales
Major US indices are sharply lower to start the trading day. News from Medicare about increased prices kickstart the downside in the Dow. Later Tesla reported sales from last month much lower than expectations. An overbought market is also a contributor as our higher rates as traders start to take back future cuts. Expectations for a June cutter down to around 58%.
A snapshot of the market 15 minutes into the open:
- Dow Industrial Average -430 points or -1.09% at 39141
- S&P index -51.24 points or -0.97% at 5192.76
- NASDAQ index -248 points or minus -1.49% at 16150
US yields are higher: 2-year yield 4.726% +0.8 basis points, 5-year yield 4.387% +5.0 basis points, 10-year yield 4.401% +7.2 basis points, 30-year yield 4.540% +7.4 basis points. Crude oil is trading up $0.91 at $84.62. Bitcoin is sharply lower today at $65,104, trading above and below the 61.8% retracement of the move down from the 2023 high price at $84.59.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.