31 May 2023

LAST DAY IN MAY: "A Special Situation"

 


3 hours ago

Stocks fell Wednesday, the final trading day in May, as investors reacted to global economic data and waited for the bipartisan debt ceiling deal to move through Congress.

The Dow Jones Industrial Average fell 132 points, or 0.4%. The S&P 500 fell 0.6%. The Nasdaq Composite fell 0.6%.

A contraction in Chinese manufacturing sent futures lower early in the morning, setting the tone for the rest of the day.

The Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics showed job openings rose to 10.1 million, up from 9.7 million in March, according to the U.S. Bureau of Labor Statistics. Economists had anticipated a decline to 9.5 million.

Stocks pared some earlier losses after comments from Federal Reserve officials shifted expectations the central bank will skip an interest rate increase at its June meeting. Traders are pricing in a 72.5% chance the headline interest rate is held steady, up from 33.4% on Tuesday.

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