• Wall Street equities faced more losses on May 30, with the DJI sank by -0.86%, the S&P 500 slipped by -0.60%, and the Nasdaq dropped by -1.08%.
• US stock indexes closed lower on Thursday, with the S&P 500 falling to a 2-week low, and the Dow sliding to a 4-week low. Stocks were pressured by concerns that the Fed will maintain higher interest rates for longer, triggering a risk-off sentiment in asset markets.
• The 10-yr UST yields slipped by -6.0 bps to 4.55%, while the 2-yr yields fell by -4.0 bps to 4.92%. US Treasuries rose Thursday on positive economic reports and bond dealer short covering after USD183bn in T-note auctions.
• The US economy grew at an annualized rate of 1.3% in 1Q24, falling short of the 1.6% initially estimated and down from the 3.4% growth seen in 4Q23, largely due to a reduced consumer spending, exports, state and local government spending, and decreased federal government spending.
• US April pending home sales dropped -7.7% MoM, far below the expected -1.0% MoM, marking the biggest decline in over three years. Meanwhile, US weekly initial unemployment claims increased by 3,000 to 219,000, indicating a slightly weaker labor market compared to the expected 217,000.
• The Eurozone unemployment rate for April unexpectedly dropped by 0.1 to a record low of 6.4%, surpassing expectations that it would remain steady at 6.5%, reflecting a stronger labor market.
• Global bond yields moved lower on Thursday, the German bund yield fell by -3.8 bps to 2.65%, while the 10-yr UK gilt yield slid by -5.3 bps to 4.34%. The Japanese 10-yr JGB yield declined by -2.1 bps to 1.06%.
