S&P 500, Nasdaq Log Third-Straight Monthly Wins

All eyes are on the debt ceiling deal going through Congress tonight

Managing Editor
May 31, 2023 at 4:35 PM
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The Dow clocked its eighth loss in 10 sessions today, while the S&P 500 and Nasdaq snapped three-day win streaks of their own. Investors spent most of the day trading the debt ceiling hurdle in the House of Representatives, with the floor vote expected to occur around 8:30 p.m. ET later tonight. The Dow finished the month with a 3.5% loss, while the S&P 500 and Nasdaq logged solid wins for May, securing their third straight month in the black.

Continue reading for more on today's market, including:

  • Chip stock sitting out sector rally.
  • Why call traders crowded Twilio stock today.
  • Plus, a winning call option; Lululemon earnings, and a bad day for AAP.

Closing Index Summary May 312023

NYSE and Nasdaq Stats May 312023

 Things to Know Today 

  1. Philadelphia Fed President Patrick Harker has indicated a preference toward not raising rates at the central bank’s June meeting. (MarketWatch)
  2. The U.S. is pushing more money into nuclear fusion. (Reuters)
  3. Oracle stock delivers big win for options traders.
  4. Keep an eye on Lululemon stock Friday.
  5. AAP suffers ugly post-earnings bear gap.

Earnings May 312023Unusual Options Activity May 312023

Oil Prices Extend Slump

Oil prices took a breather today, further departing from $70 as demand concerns fester. West Texas Intermediate (WTI) July-dated crude dropped $1.37, or 2%, to close at $68.08 per barrel. For the month, oil futures declined 11.3%.

Gold prices rose today, rising in converse with falling treasury yields. August-dated gold added $5, or 0.3%, to close at $1,982.10 an ounce, but still fell 1.8% for the month.

 

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