Dow Jones fell by 336.66 points, affected by a 15% decline in Salesforce's stock price.

The New York Stock Exchange traded this morning (May 30) local time, with the Dow Jones Index falling by 336.66 points, affected by the decline in the share price of Salesforce, a large American software company. Which sank by more than 15% after the company revealed second-quarter profit and revenue expectations that were lower than analysts’ estimates.

The Dow Jones Industrial Average recently reached 38,104.88 points, down 336.66 points, or 0.88%. The S&P 500 index also fell to 5,248.62 points, down 18.33 points, or 0.35%, and the Nasdaq index fell to 16,826.17 points, down 94.41 points, or 0.56%.

Yesterday (May 29) the Dow Jones index fell more than 400 points due to the US 10-year government bond yield rising above 4.6%, as well as concerns that the Federal Reserve will keep interest rates high for longer than expected. After Fed officials indicated they wanted to see inflation slow for several more months. Before you decide to lower interest rates

The latest FedWatch tool from CME Group indicates that investors expect the Fed will cut interest rates just once this year. It will happen in November. Originally expected in September

The market will be watching the Personal Consumption Expenditures (PCE) price index due tomorrow (May 31) for signals indicating the timing of a rate cut by the Fed.

The Personal Consumption Expenditures Index is a measure of inflation that the Federal Reserve gives importance to. It can detect changes in consumer behavior. It covers the prices of goods and services more broadly than the Consumer Price Index (CPI).

The US Commerce Department today released its second GDP estimate for the first quarter of 2024, saying the US economy grew 1.3% in the quarter. This is lower than the first estimate of 1.6% but higher than analysts' estimates of 1.2%.

Meanwhile, the US Labor Department said initial claims for unemployment benefits rose by 3,000 to 219,000 last week. Higher than analyst estimates of 218,000.

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