Wall Street falls; Boeing, inflation fears counter Nvidia rally
Nasdaq ends off ~0.4%, S&P 500 down ~0.7%, Dow falls ~1.5%
Real Est weakest S&P 500 sector; tech sole gainer
Dollar edges up; crude off ~1%; gold down ~2; bitcoin off ~3%
U.S. 10-Year Treasury yield rises to ~4.48%
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WALL STREET FALLS; BOEING, INFLATION FEARS COUNTER NVIDIA RALLY
Wall Street indexes closed lower as optimism around chipmaker Nvidia NVDA.O wasn't enough to carry the whole market higher with the latest batch of economic data fueling inflation concerns and worries about the Federal Reserve's ability to cut interest rates.
The Dow Industrials .DJI led major index declines and suffered its biggest one-day percentage decline since March 2023 with pressure from a massive Boeing BA.N sell-off.
While the S&P 500 .SPX and the Nasdaq Composite .IXIC had opened at fresh records thanks to Nvidia, these indexes couldn't find a foothold there. When all was said and done the Nasdaq and S&P 500 registered their biggest daily percentage declines since April 30.
On the data front, U.S. business activity accelerated to the highest level in just over two years in May while manufacturers reported a surge in prices for a range of inputs, suggesting that goods inflation could pick up in the months ahead.
Also in housing data, sales of new U.S. single-family homes fell more than expected in April amid a resurgence in mortgage rates and higher prices, providing further evidence the housing market was losing momentum in the second quarter.
Then during the last hour of trading, Atlanta Federal Reserve Bank President Raphael Bostic said he still sees upward pressure on inflation, and the Fed may need to be "a little more patient and be more certain that inflation is on its way" to the Fed's 2% goal before cutting interest rates.
Boeing shares closed down 7.6% after it finance chief warned of a 2024 cash burn and that second quarter deliveries will not increase with production challenges and delayed China deliveries reversing a rosier 2024 outlook. Boeing plane production has slowed dramatically due to regulatory scrutiny on safety concerns since January when a door plug blew off one of its passenger planes mid-flight.
In contrast to broader market doldrums, Nvidia NVDA.O shares closed up 9.3% at $1,037.99.
Among the S&P 500's 11 major sectors technology .SPLRCT was the sole gainer, adding 0.6% with NVDA doing the lion's share of the work. Interest rate sensitive real estate .SPLRCR was the biggest decliner, falling 2.2% followed by a 1.7% drop in utilities .SPLRCU.
Here is your closing snapshot:
(Sinéad Carew)
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FOR THURSDAY'S EARLIER LIVE MARKET POSTS:
A BUBBLE IS POSSIBLE, SO KEEP AN EYE OUT FOR SIGNS OF TROUBLE - CRESSET - CLICK HERE
SCHWAB Q2 SURVEY: SENTIMENT FLAGS AS INFLATION WORRIES RISE - CLICK HERE
U.S. DIVIDEND PAYMENTS HIT RECORD IN FIRST QUARTER - CLICK HERE
THURSDAY DATA: JOBLESS CLAIMS, FLASH PMI, NEW HOME SALES - CLICK HERE
NASDAQ GAINS ON NVIDIA BOOST BUT DATA ADDS CAUTION - CLICK HERE
CHIP INDEX POISED TO POP AS NVIDIA RESULTS PLEASE - CLICK HERE
NVIDIA EARNINGS GREEN LIGHT FOR AI RALLY - UBS - CLICK HERE
RECOVERY CONTINUES IN EUROPE: LESS ROOM FOR ECB CUTS AFTER JUNE? - CLICK HERE
HOW UK STOCKS BEHAVE AROUND ELECTIONS, LESSONS FROM HISTORY - CLICK HERE
THE TIGHT FISCAL BACKDROP OVERSHADOWING THE UK ELECTION - CLICK HERE
NOVO BACK ABOVE $600 BLN, POLITICAL RISK IN THE UK - CLICK HERE
TECH RALLY PASSES NVIDIA TEST - CLICK HERE
PMIS TO LEAD AS CENTRAL BANKS WAIT ON RATES - CLICK HERE
Wall Street ends lower https://tmsnrt.rs/3yuXUlI
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