In This Article:
US stocks (^DJI, ^IXIC, ^GSPC) close Wednesday's session lower by over 0.5% a piece, ahead of Nvidia's (NVDA) long-awaited first quarter earnings results.
Market Domination Overtime's Julie Hyman and Yahoo Finance markets and data editor Jared Blikre recap equity and bond market (^TYX, ^TNX, ^FVX) moves from Wednesday.
Tune in to Yahoo Finance's special live coverage of Nvidia's first quarter earnings here, beginning at 4:15 p.m. on Wednesday, May 28.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
That's the closing bell on Wall Street and now is Market Domination Overtime. We'll be joined by Jared Blickry to get you up to speed on the action from today's session. Let's start with where the major averages are as we count down to those Nvidia earnings. The Dow finishing the day in the red, in fact, near the lows of the session. Down about 245 points, about two-third or about six-tenths of 1%. The S&P 500 down by more than half a percent and the NASDAQ composite down a half a percent as well. So, all three major averages closing near the lows of the day as traders get set up for those Nvidia earnings. Interesting to see not much macro pushing markets today, really. Folks just seeming to play the waiting game. Jared's got a closer look at the action.
Well, thank you, Julie. At the beginning of the day, at the opening bell, I was saying tech is on quite the roll here, but reversal of fortunes as we're seeing behind me. The NASDAQ composite ending on the red. Only down half a percent, not the end of the not the end of the uh not the end of something here. Here's a year-to-date chart. Still flagging sideways here. I was highlighting a number of stocks in previous hours that were breaking out, but the indices seem stuck in a bit of a range here and that's understandable given the magnitude of this Nvidia print that we're expecting momentarily. And let's just check tick through the other indices here. We got the S&P 500 and I'll go to the intraday. That is down a half a percent as well, similar to the NASDAQ. Dow Jones right there with it, although more of a negative day. And Russell 2000 was kind of the underperformer, down 1% and closing pretty close to the lows. And let's check out the VIX though. The VIX is not signaling anything too worrisome. It's still under 20. You take a look at the five-day, well off of the 25 level that we saw last week. So the VIX is not signaling problems in the equities market and in the bond market, we did see yields tick up a little bit. We had the um I think it was a five-year auction today, the two and the five went all right. We're also expecting the seven-year tomorrow, so that's something traders are going to keep their eye on. And what everybody's watching is the 30-year around 5%. So it's still under that mark, but climbed up a little bit, three basis points today. And also yields in the dollar moving in the same direction. That's something I like to see. That's indicative that the world is not trying to sell all US dollars. Now here's the sector action. Looks like communication services is green, but guess what? So little that it registers at 0.00%. We're going to call that break even. For the most part, it was a down day in the sectors. And utilities was leading the way down, down 1.4%, materials in second, energy third, consumer discretionary fourth. And we'll take a peek at the NASDAQ and we can see a lot more red than green. And especially if we put that on an equal weighted basis and leading to the downside, it looks like Cadence design systems down about 10.67% there. Also seeing some weakness in Chinese stocks and let's take a look there. Pindo had a rough couple days. Big disaster in earnings yesterday. Here's a two-day down about 18% there. You can see a lot of red on the board for Chinese stocks. And I'll just leave us on the Dow here. Another mixed day, but more red than green and sending it back to you, Josh.
Thank you, Jerry.