Week InReview: May 24, 2024

Stocks and bonds drop on rate outlook.

Wall Street weighs data. Photo: Michael Nagle/Bloomberg

Stocks Drop | US stocks and bonds fell on Thursday after surprisingly strong economic data caused traders to reduce bets that the Federal Reserve will cut rates this year. Rate-sensitive real estate and utility companies were the biggest casualties as the S&P 500 had its worst day in May. The yield on 10-year Treasuries climbed to the highest in more than a week. Nvidia, which on Wednesday reported better-than-expected results and a bullish outlook, bucked the trend by climbing 9.3% to a record high. Tech was the only S&P 500 sector to close higher, but even the Nasdaq 100 fell.

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