Stocks Mixed as Treasury Yields Dip, Tax Bill and Housing Data Weigh on Sentiment
The Nasdaq rose 53.09 points or 0.3 % to 18,925.73, the Dow edged down 1.35 points or less than a tenth of a % to 41,859.09 and the S&P 500 slipped 2.60 points or less than a tenth of a % to 5,842.01.
Stocks initially wavered but gained ground as the day advanced, buoyed by easing treasury yields. Yields had surged on fears over the fiscal impact of a Republican-backed tax cut bill, which passed the House earlier. Though the bill stirred optimism in some corners, concerns mounted over its potential to significantly deepen the national deficit. President Trump hailed it as historic, urging swift Senate approval.
The Labor Department reported a slight and unexpected dip in first-time U.S. unemployment claims, falling to 227,000 for the week ended May 17th. Economists had anticipated a modest increase to 230,000, making the drop a surprise. Meanwhile, a separate report released by the National Association of Realtors existing home sales declined further in April, slipping 0.5% to an annual rate of 4.00 million. This followed a sharp March drop and defied expectations of a rebound to 4.10 million.
Steel stocks notably moved downwards with the NYSE Arca Steel Index falling by 1.3 %. Utilities and gold stocks too saw some weakness on the day while strength remained visible among airline stocks.
Asia-Pacific stocks moved mostly lower. Japan's Nikkei 225 Index decreased by 0.8 %, while China's Shanghai Composite Index dipped by 0.2 %. The major European markets also moved to the downside on the day. While the French CAC 40 Index slid by 0.6 %, the German DAX Index and the U.K.'s FTSE 100 Index both declined by 0.5 %.
In the bond market, treasuries moved higher over the course of the session after initially extending yesterday's slump. As a result, the yield on the benchmark ten-year note which moves opposite of its price, fell 4.3 bps to 4.55 %.
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