Stocks Slide After Fed Minutes Raise Inflation Worries

Oil prices fell for the third-straight session

Deputy Editor
May 22, 2024 at 4:26 PM
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Wall Street's muted midday performance took a turn for the worse later in the session, as all three benchmarks sold off after the Fed's latest meeting minutes were released. Notes from the most recent two-day policy meeting showed the central bank has concerns about persistent inflation, a sign that rate cuts may not be as close as previously thought, and rate hikes are not out of the realm of possibility.

The Dow shed roughly 201 points for its worst single-session drop of the month, while the S&P 500 snapped a three-day win streak and the Nasdaq puled back from an intraday all-time high. Conversely, the Cboe Volatility Index (VIX) rose today, logging just its third win of the month.

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

  • Keep an eye on these two cheap stocks.
  • Analyst: now is the time to buy this e-commerce stock.
  • Plus, Lululemon's c-suite shakeup; TGT's post-earnings fall; and an SPX indicator.

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5 Things to Know Today

  1. How higher auto prices are impacting average vehicle age. (CNBC)
  2. Treasury yields climbed after the Fed's meeting minutes. (MarketWatch)
  3. Lululemon's c-suite shakeup could spook analysts.
  4. What made Target stock fall after earnings?
  5. Memorial Day could be be bullish for the SPX.

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Crude Futures Fall for 3rd-Straight Day

Oil futures extended their losing streak to three days, as the demand outlook dimmed following U.S. data that showed a rise in stateside crude inventories. For the session, July-dated West Texas Intermediate (WTI) crude -- the new front-month contract -- lost $1.09, or 1.4%, at $77.57 a barrel.

Gold prices fell below the key $2,400 level, with June-dated gold last seen down 1.9% at $2,3380.90 per ounce.

 

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