Stock Market Update Wednesday May 29, 2024

Stock Market Update Wednesday May 29, 2024 Overnight weakness in the bond market exerted downward pressure on equity futures, leading to a broadly negative open for major indices. Both the Nasdaq Composite and S&P 500 initially fell more than 0.5%, but subsequently traded sideways for the remainder of the session. Ultimately, the S&P 500 closed 0.7% lower, marking its worst single-day performance in an otherwise bullish May.

Away From Stocks: The bond market experienced another bear-steepening selloff, with the 2-year yield climbing two basis points to 4.96% and the 30-year yield surging eight basis points to 4.74%. WTI crude oil retreated to $79 per barrel, while gold prices slipped to $2,337 per ounce. Bitcoin also faced downward pressure, falling to $67,200. The VIX volatility index jumped over one point to its highest level in more than four weeks, surpassing 14.