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Today's market
May 30, 2024 at 2:00 p.m. EDT
Michael P. Reinking, CFA
Sr. Market Strategist
Yesterday as Treasury yields continued to move higher it was another ugly day within equity markets. The S&P 500 closed down 0.7% but was able to hold above last week’s lows as tech continued to outperform. However, the equal-weight version of the index, Dow Jones Industrial Average, S&P Midcap and Russell 2k are all traded below all below their respective lows, ending yesterday down >1%. There were some mixed tech earnings after the close which continued to weigh on US futures overnight. After negative revisions to the Q1 GDP data this morning Treasury yields pulled back which helped futures come off the lows. Major indices are mixed, but we’ve seen a shift from the recent trading dynamics with mega-cap tech underperforming while other areas of the market bounce.
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