US Stock Market Recap: Major Indexes’ Performance on Thursday, May 23, 2024

<ul>
    <li>Most U.S. stocks slumped after strong economic reports raised the possibility of interest rates staying painfully high.</li>
    <li>The weakness was widespread on Thursday and overshadowed another blowout profit report from market heavyweight Nvidia.</li>
    <li>Treasury yields rose in the bond market after reports showed accelerating growth for U.S. business activity and a resilient job market.</li>
</ul>
<p><strong>U.S. stocks fall as economic reports hint at prolonged high interest rates.</strong></p>
<h2><strong>Market Reaction to Economic Reports</strong></h2>
<p>The S&P 500 fell 0.7% and pulled further from its record set earlier this week. The Dow Jones Industrial Average tumbled more than 600 points, and the Nasdaq composite slipped 0.4%. Higher yields weighed on much of the market, particularly dividend payers like real-estate stocks.</p>
<h3><strong>Impact on Major Indices</strong></h3>
<p>On Thursday, the S&P 500 fell 39.17 points, or 0.7%, to 5,267.84. The Dow Jones Industrial Average fell 605.78 points, or 1.5%, to 39,065.26. The Nasdaq composite fell 65.51 points, or 0.4%, to 16,736.03. The Russell 2000 index of smaller companies fell 33.30 points, or 1.6%, to 2,048.41.</p>
<h3><strong>Weekly and Yearly Performance</strong></h3>
<p>For the week, the S&P 500 is down 35.43 points, or 0.7%. The Dow is down 938.33 points, or 2.3%. The Nasdaq is up 50.07 points, or 0.3%. The Russell 2000 is down 47.31 points, or 2.3%. For the year, the S&P 500 is up 498.01 points, or 10.4%. The Dow is up 1,375.72 points, or 3.7%. The Nasdaq is up 1,724.68 points, or 11.5%. The Russell 2000 is up 21.33 points, or 1.1%.</p>
<h3><strong>Conclusion</strong></h3>
<p>The recent economic reports have led to a significant downturn in the stock market, with major indices experiencing notable declines. Investors are now grappling with the potential for prolonged high interest rates, which could continue to impact market performance in the coming months.</p>