Dow Dinged Again as Bond Yields Weigh

The 10-year Treasury yield reclaimed 4.5% today

Managing Editor
May 28, 2024 at 4:22 PM
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Fresh off a steep weekly loss, the Dow is already deep in the red to start the holiday-shortened week. The blue-chip index fell 216 points, as investors fretted over long-term bond yields, with the 10-year Treasury yield above 4.5% at last check. Minneapolis Fed President Neel Kashkari noted in remarks about seeing “many more months” of low inflation data pointing before an interest rate cut. Meanwhile, the S&P 500 finished the day marginally lower, while the tech-heavy Nasdaq -- thanks to an outsized move from Nvidia (NVDA) -- closed above 17,000 for the first time ever.

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

  • Don't sweat the DraftKings selloff
  • It could be a big week for this chemical stock.
  • Plus, two macro levels to watch; Airbnb upgraded; and a mining stock to target.

Closing Indexes Summary May 28

NYSE and Nasdaq Stats May 28

5 Things to Know Today

  1. Elon Musk's artificial intelligence (AI) startup is growing. (Axios)
  2. Bitcoin (BTC) is struggling through a post-halving world. (Reuters)
  3. Thursday's bearish outside day puts two SPX levels in focus. 
  4. More upgrades could come for Airbnb stock.
  5. This copper stock has room to run.

There were no earnings of note today.

Unusual Options Activity May 28

Oil Prices Spring to Life Ahead of OPEC+ Meeting

Oil futures were firmly higher today ahead of the Organization of the Petroleum Exporting Countries (OPEC+) meeting. July-dated West Texas Intermediate (WTI) crude added $2.11, or 2.7%, at $79.83 a barrel for the session.

Gold prices rose today in response to the renewed Fed fatigue. For the session, June-dated gold added 0.9% at $2,356.50 per ounce. 

 

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