Stock Market Today, May 19: Soaring Treasury Yields Pressure Markets
The S&P 500 (SNPINDEX:^GSPC) fell 0.67% to 7,353.61, the Nasdaq Composite (NASDAQINDEX:^IXIC) slid 0.84% to 25,870.71, and the Dow Jones Industrial Average (DJINDICES:^DJI) lost 0.65% to 49,363.88 as surging Treasury yields put pressure on markets.
Market movers
Micron Technology and Sandisk gained despite a wider chip stock sell-off. Micron popped as key analysts increased their price targets for the stock. Nvidia and Advanced Micro Devices slipped, weighing on tech benchmarks.
Home Depot edged upwards on solid Q1 earnings. Walmart and Target both rose ahead of earnings due this week.
What this means for investors
Bond markets took center stage today as 10-year Treasury yields hit a 16-month high and 30-year yield spiked to over 5.19%, the highest they’ve been in almost two decades. Oil prices fell slightly, but remained around $100. Tightening financial conditions weighed on major indexes, pulling them back from recent highs.
Investors are increasingly worried that energy costs won’t decline anytime soon, which contributes to higher inflation. That, in turn, could cause the Federal Reserve to raise rates rather than cut them, which is why today saw a pullback from rate-sensitive sectors such as tech and basic materials.
Nvidia’s earnings tomorrow come as the artificial intelligence (AI) boom is under scrutiny. Expectations are high, but geopolitical risks have injected caution into the markets, and investors will be looking for reassurance that the AI leader’s high valuation is justified.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Home Depot, Intel, Micron Technology, Nvidia, Target, and Walmart. The Motley Fool has a disclosure policy.
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