Markets tumbled on May 23, 2023

-

 

KEY TAKEAWAYS

  • Markets tumbled on May 23, 2023 as no new progress was reported in debt ceiling talks in Washington.
  • More than half of Dow stocks declined by 1% or greater.
  • Chevron shares advanced on an analyst upgrade.

U.S. equities sank as no new progress was reported in talks between the White House and congressional leaders to raise the federal debt ceiling before a potential government default next month. The latest Federal Reserve meeting minutes coming tomorrow could also provide a clearer view of where interest rates are heading. The Dow lost 0.7%, while the S&P 500 and Nasdaq sank 1%.

More than half of the stocks in the Dow lost 1% or more, led by Visa (V), which dipped by 3%. Las Vegas Sands (LVS) was the worst-performing stock in the S&P 500, and other casino stocks slumped with it. Autozone (AZO) shares tumbled after the auto parts retailer’s sales came in weaker than expected. Shares of  Advance Auto Parts (AAP) and O’Reilly Automotive (ORLY) also fell. 

Netflix (NFLX) shares were down as the biggest streaming service warned U.S. customers it will begin cracking down on password sharing. Shares of rivals in the sector declined as well. Steel producers Nucor (NUE) and Steel Dynamics (STLD) dropped when JPMorgan analyst Bill Peterson recommended investors sell the stocks. Willis Towers Watson (WTW) shares dipped after BMO Capital cut its price target. 

Chevron (CVX) shares advanced almost 3% after HSBC raised its rating to buy from hold. Lowe’s (LOW) posted better-than-anticipated earnings and revenue, and shares of the home improvement retailer rose, as did those of Home Depot (HD). 

It was a second straight session of gains for regional bank stocks, with shares of Zions Bancorporation (ZION) adding 4%, and those of Citizens Financial Group (CFG) and Capital One Financial Corporation (COF) up 2%. Yelp (YELP) shares jumped after activist investor TCS Capital Management called on the company to take immediate action to improve the stock price. 

Oil futures advanced, gold futures were little changed. The yield on the 10-year Treasury note gave up earlier gains and slid. The U.S. dollar was higher versus the euro and pound, but lost ground to the yen. Prices for most major cryptocurrencies were up.

Comments

Post a Comment

Popular posts from this blog

Church’s Globe-Spanning Real-Estate Empire

-
Image
  Inside the Mormon Church’s Globe-Spanning Real-Estate Empire From Guam to Cape Verde, the Church of Jesus Christ of Latter-day Saints is using the financial cushion of its $100 billion investment portfolio to go on a temple-building spree A whistleblower revealed a few years ago that the Church of Jesus Christ of Latter-day Saints had an estimated $100 billion investment portfolio, and at the time, church officials called the holdings a rainy-day account. They now say the money also has provided a financial foundation that gives the Mormon Church confidence to construct more than 100 temples, from Cape Verde to Guam, a series of stone-clad monuments exhibiting the church’s vast and expanding wealth. In Pocatello, Idaho, a city of 56,000 in the rural southeastern corner of the state, a recently constructed temple stands at 71,125 square feet. Its polished limestone flooring was quarried in Bethlehem, the biblical birthplace of Jesus, and wood for its doors was imported from the Co...
Read more

tech companies

-
Image
 Good to know. The way tech companies continue to deliver ever-faster and more capable computers is undergoing a profound change—at the atomic level. Performance gains that were for decades accomplished mostly by shrinking the individual components on microchips—often described as Moore’s Law—are now increasingly the result of materials science, which is evolving faster than it has in decades. Santa Clara-based Applied Materials, founded in 1967, a year before Intel, is the biggest of the companies that are leading the way. It’s a change born of necessity. Chip makers are bumping up against a hard limit on how tiny the elements on chips can become, as some of their features can now be measured at the scale of just a few atoms. As a result, manipulating what materials are in these tiny machines, and how they’re connected to one another, has become a primary way that engineers can continue to make them faster and more capable. Applied Materials AMAT 0.72%increase; green up pointing t...
Read more