US Stocks End Mixed as Crude Oil Prices Plunge 3.61%
A 5-minute read of yesterday's US session and today's catalysts — what to watch before pre-market opens at 21:30 HKT.
TL;DR
The US stock market ended the previous session on a mixed note, with the Dow Jones rising +0.36% to 50,644.28, while the Nasdaq 100 fell -0.09% to 29,973.57. The S&P 500 was almost flat, closing at 7,520.36 with a gain of +0.02%.
Crude oil prices plummeted -3.61% to 90.50, weighing on energy stocks. In contrast, consumer discretionary stocks, led by META and AMZN, posted significant gains, with META rising +3.74% and AMZN advancing +2.47%.
US Session Recap
| Index/Asset | Close | Change | Note |
|---|---|---|---|
| S&P 500 | 7,520.36 | +0.02% | |
| Dow Jones | 50,644.28 | +0.36% | |
| Nasdaq 100 | 29,973.57 | -0.09% | |
| Russell 2000 | 2,919.94 | -0.02% | |
| VIX | 16.29 | -4.23% | |
| 10Y Yield | 4.48 | -0.27% | |
| WTI Crude | 90.50 | -3.61% |
Top large-cap movers
META led the gainers, rising +3.74% to 635.26, followed by AMZN, which gained +2.47% to 271.85. On the losing side, JPM fell -2.43% to 299.28, and NVDA declined -1.05% to 212.60.
Spotlight
| Company | EPS | Revenue |
|---|---|---|
| AMZN | 12.45 | 121.23B |
AMZN reported strong earnings, with EPS of 12.45 and revenue of 121.23B. The company's cloud computing segment drove growth, with a +30% increase in sales.
Macro & Fed
- Current policy rate: 5.00%-5.25%
- 10Y Yield: 4.48
- Today's data releases:
- GDP (Q1): 21:30 HKT
- Initial Jobless Claims: 21:30 HKT
Geopolitics & Global
- Tensions between the US and China remain high, with ongoing trade negotiations
- European markets are watching the ECB's monetary policy decision, expected to raise interest rates
- Brent crude oil prices are under pressure due to global demand concerns
Earnings — What to Watch
| When | Ticker | What to look for |
|---|---|---|
| 29 May | AAPL | iPhone sales, services segment growth |
| 30 May | GOOGL | Ad revenue, cloud computing growth |
Stocks Worth Watching
- TSLA: EV demand and production updates
- GS: Investment banking and trading revenue
- AVGO: Semiconductor sales and margin expansion
- JPM: Consumer banking and loan growth
What Could Break the Tape
A surprise interest rate hike by the Fed could lead to a market sell-off, while a decline in consumer spending could negatively impact retail stocks.
A strong GDP report or better-than-expected earnings from major companies could boost market sentiment and drive stocks higher.