US Stock Market Performance: Major Indexes’ Wednesday Results for May 29, 2024

  • U.S. stocks closed lower under the weight of higher yields in the bond market.
  • The S&P 500 fell 0.7% Wednesday, sinking further from its record set last week.
  • American Airlines Group led a slump for airlines after cutting its forecast for profit and other financial targets for the spring.

U.S. stocks faced a downturn as bond yields climbed, impacting major indices and leading to a notable slump in airline stocks.

Market Performance Amid Rising Bond Yields

The stock market experienced a significant decline as bond yields continued their upward trajectory. The S&P 500 fell by 0.7%, while the Dow Jones Industrial Average and the Nasdaq composite dropped by 1.1% and 0.6%, respectively. This decline was exacerbated by a $44 billion Treasury auction, which pushed the yield on the 10-year Treasury to 4.61%.

Impact on Airline Stocks

American Airlines Group saw a sharp decline in its stock price after the company revised its profit forecast and other financial targets for the spring. This announcement led to a broader slump in airline stocks, contributing to the overall market downturn. The airline sector’s performance is often seen as a bellwether for economic health, making this decline particularly concerning for investors.

Weekly and Yearly Market Overview

For the week, the S&P 500 is down 0.7%, the Dow has decreased by 1.6%, and the Nasdaq has seen a marginal decline of less than 0.1%. The Russell 2000 index of smaller companies fell by 1.6%. Despite the weekly losses, the year-to-date performance remains positive, with the S&P 500 up by 10.4%, the Dow by 2%, and the Nasdaq by 12.7%. The Russell 2000 has seen a modest increase of 0.4%.

Conclusion

The recent downturn in U.S. stocks highlights the market’s sensitivity to rising bond yields and economic forecasts. Investors should closely monitor these factors as they navigate the volatile market landscape. Despite the weekly losses, the overall yearly performance remains strong, suggesting resilience in the broader market.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

PumpBTC Set to Launch as Next Major IDO on Binance Wallet: Key Insights and Address Analysis

On April 1st, COINOTAG News reported on the anticipated...

Whale Moves 30,001 AAVE Worth $5.01 Million to FalconX, Total Holdings Reach $12.46 Million Profit

COINOTAG News reports that on April 1st, monitoring from...

Coinbase Surges 1.87% as US Cryptocurrency Stocks Rise in Pre-Market Trading

On April 1st, COINOTAG News reported an uptick in...

Binance Announces Key Adjustment to Perpetual Contracts for SIREN Effective April 2, 2025

COINOTAG reports that on April 1st, Binance will implement...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img