STOCK MARKET
Dow Jones ended at $38,441.54 (-1.06%)
S&P 500 ended at $5,266.95 (-0.74%)
Nasdaq Composite ended at $16,920.58 (-0.58%)
The stock market witnessed losses across all major indexes due to pressure from rising Treasury yields outweighing the rally in Nvidia. The 10-year Treasury note yield also ticked higher, reaching above 4.6%, causing concern among investors. The weak demand at a Treasury Department auction witness yesterday contributed to the rise in yields, affecting stock multiples, borrowing costs, consumer spending, and the attractiveness of T-bills and money market funds. As a result, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite dipped, with the Dow decreasing by over 1%. Moreover, all 11 sectors in the S&P 500 retreated, with more than 400 stocks in the index lower on the day. Nonetheless, it is worth remarking that despite the losses, the major averages are on track to close the month with gains, with the S&P 500 up almost 5% in May.
CRYPTO MARKET
Bitcoin fell by 1.48% for the day, with a value of $67,276.30 as of 3:00 PM CST, as stated by Coin Metrics.
