Closing Stock Market Summary
The S&P 500 (+0.3%) and Nasdaq Composite (+0.9%) climbed further into record territory today. A big jump in shares of Apple (AAPL 207.15, +14.03, +7.3%), which also hit a fresh record high today, provided a nice boost to index performance following yesterday's product/AI presentation at its Worldwide Developers Conference.
Other mega cap stocks also picked up steam in the afternoon trade, reacting to a drop in market rates. The Vanguard Mega Cap Growth ETF (MGK) settled 1.1% higher.
The 10-yr note yield fell seven basis points lower at 4.40% and the 2-yr note yield fell five basis points to 4.83% in response to a strong $39 billion 10-yr note sale. This price action is also ahead of the May Consumer Price Index, which is released at 8:30 ET tomorrow.
Wednesday's calendar also features the FOMC policy directive, which features an updated Summary of Economic Projections, at 2:00 p.m. ET followed by Fed Chair Powell's press conference at 2:30 p.m. ET. Hesitation in front of these market-moving events kept the broader market in check despite the outperformance in mega caps.
The Dow Jones Industrial Average fell 0.3% and the Russell 2000 closed 0.4% lower.
Only two S&P 500 sectors closed with gains -- information technology (+1.7%) and communication services (+0.5%) -- while the financial sector (-1.2%) saw the largest decline by a decent margin.
In other news, shares of Paramount Global (PARA 11.04, -0.94, -7.9%) settled sharply lower after news that National Amusements has failed to reach deal with Skydance.
- Nasdaq Composite: +15.5% YTD
- S&P 500:+12.7% YTD
- S&P Midcap 400: +4.8% YTD
- Dow Jones Industrial Average: +2.8% YTD
- Russell 2000: -0.1% YTD
Today's economic data was limited to the NFIB Small Business Optimism survey, which rose to 90.5 in May from 89.7 in April.
Looking ahead, market participants will receive the May Consumer Price Index at 8:30 ET. Other data include:
- 7:00 ET: Weekly MBA Mortgage Index (prior -5.2%)
- 10:30 ET: Weekly crude oil inventories (prior 1.23 mln)
14:00 ET: May Treasury Budget (prior $209.5 bln)