Wednesday, May 19, Market Recap

Good Evening,

Today, May 19…

The DJIA fell 0.49%
The S&P 500 was down 0.81%
The Nasdaq Composite slipped 0.49%

Tech led the market today.

General Market Review

Financials

During the Fed’s April Meeting, Chairman Jerome Powell said that the economic recovery is uneven. There are signs of the Fed hinting at adjusting the pace of asset purchases.

Energy

Oil prices fell due to Covid fears in Asia hurting demand for crude oil. The smaller-than-expected build in inventories last week did not offset the decline. Marathon Oil was down 2.76%.

Tech

Tech stocks associated with cryptocurrency declined the most. Tesla and Coinbase fell 2.5% and 5.94%, respectively. Bond yields rose and cause big tech to pare gains.

Charts by TradingView