The Dow Jones closed down 216 points, and the Nasdaq closed above 17,000 points for the first time.

HoonSmrt.com>> The Dow Jones index closed down 216 points. On the other hand, the Nasdaq index closed at a record level above 17,000 points, which supported the price of Nvidia stock to rise, and the price of West Texas Intermediate crude oil jumped $2.11, or 2.71%, to close at $79.83 per barrel. European markets closed negative.

The Dow Jones Industrial Average (DJIA) closed on May 28, 2024 at 38,852.86 points, down 216.73 points or -0.55% amid sluggish trading, while the Nasdaq closed at a record high. From Nvidia increase

The Standard & Poor's 500 index closed at 5,306.04 points, up 1.32 points, or +0.02%.
The Nasdaq index closed at 17,019.88 points, rising 99.09 points, +0.59%, to close above 17,000 points for the first time.

Nvidia shares jumped more than 7%, pushing other chipmakers higher after trading resumed at the close on Monday, May 27, on the occasion of Memorial Day. The semiconductor index rose by 1.9%.

The Dow Jones fell as Merck and Healthcare stocks fell. Additionally, more than 350 stocks in the S&P 500 were in negative territory.

Health Care Group Index, shares of industrial and financial companies fell by more than 1%.

The market fell in afternoon trading. Because US bond yields jumped to the highest level in several weeks after the bond auction, indicating weak demand

The yield on the 10-year Treasury note rose above 4.5%, sending the Dow Jones Index down more than 300 points before recovering.

Quincy Crosby, chief global strategist at LPL Financial, said there were two disappointing results today. As bond yields rise, the market reacts negatively.

“The market does not want to see yields rise… to a level that could threaten the economy and consumers and disrupt the Fed's (Federal Reserve) timeline for easing monetary policy.

Minneapolis Fed President Neel Kashkari also said he wanted to see the data. “Many more months,” he said, referring to inflation falling before the interest rate cut. He also would not rule out raising interest rates again. If price pressure rises again

Investors await US inflation data. This week, which may affect expectations of a Federal interest rate cut.

The Personal Consumption Expenditures (PCE) Price Index report is a measure of inflation that the Fed focuses on. The April publication is scheduled to be published later this week. Which is expected to be stable on a monthly basis.

As for the economic data released last night, the Conference Board revealed that its Consumer Confidence Index survey for May rose to 102 from 97.5 in April and was higher than the 95.9 that analysts had expected.

The S&P CoreLogic Case-Shiller survey shows that the national home price index for March rose 6.5% year over year and rose 0.3% year over year.

European markets closed lower due to declines in the markets. As investors await important global inflation reports this week, moreover, dovish comments from Federal Reserve officials have undermined confidence.

The STOXX 600 index closed down 0.6%, its largest one-day drop in a month.

The travel and entertainment sector fell 2.8%, with shares of UK-based Flutter Entertainment falling 7.4%.

Health care stocks fell 1%, but the real estate sector increased 0.7%.

Market attention is on Eurozone consumer price data for May. Including data on the personal consumption expenditures price index. (PCE) for the United States on Friday. Inflation data from Germany, Spain and France this week.

The STOXX 600 index closed at 519.08 points, down 3.13 points, or -0.60%.
The London Stock Exchange FTSE 100 index closed at 8,254.18 points, down 63.41 points, or -0.76%.
The French Stock Exchange CAC-40 index closed at 8,057.80 points, down 74.69 points, or -0.92%.
The German DAX stock market index closed at 18,677.87 points, down 96.84 points, or -0.52%.

West Texas Intermediate crude futures for July delivery rose $2.11, or 2.71%, to close at $79.83 a barrel. The price of Brent North Sea crude for July delivery increased $1.12, or 1.35%, to close at $84.22 per barrel.