WTI Oil Prices Slip After 2-Day Surge — Market Talk
May 25, 2021
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May 28, 2021Wall Street ended lower on Tuesday, failing to maintain its momentum from the previous day and the start of the session after disappointing indicators.
The Dow Jones fell 0.24% to 34,312.46 points, the Nasdaq dropped 0.03% to 13,657.17 points and the broader S-P 500 index fell 0.21% to 4,188.13 points.
The market “turned around after gains in the morning,” notes Peter Cardillo of Spartan Capital Securities. “This may be related to economic data with a disappointment on the consumer confidence side.”
U.S. consumer confidence remained stable in May compared with April, when it rose to its highest level since the start of the health crisis, according to the Conference Board index.
The index stood at 117.2 points in May, up from 117.5 points in April, a figure that was revised downwards. That’s worse than the 118 points analysts had expected.
Meanwhile, sales of new detached homes in the United States fell more than expected in April and real estate prices climbed, according to Commerce Department data.
863,000 new homes were sold at an annual rate – that is, sales for the whole year if this pace continued – a decrease of 5.9% compared to March. Analysts had expected 980,000 sales.
Among the values of the day, Moderna rose by 3.10%. The U.S. biotech announced Tuesday that its Covid-19 vaccine was “highly effective” in teens aged 12 to 17 and confirmed it wants to file an application for authorization for this age group “early June” with various regulators around the world.
Lordstown Motors, which develops an electric pickup, fell 7.45%. In presenting its quarterly results on Monday night, the company said it was halving its estimates of vehicles produced by the end of the year and needing to raise additional funds to finance its operations.
The group’s boss, Steve Burns, said Lordstown had “encountered some difficulties, particularly related to Covid and the automotive sector.”
In the bond market, the 10-year U.S. debt yield fell to 1.56% from 1.61% the previous evening.
