Dow declined to 200 points and concluded a rough May with a changed end

Dow declined to 200 points and concluded a rough May

June 2, 2022: -On Tuesday, U.S. stocks decreased in see-saw trading as investors closed out a tough month that went through the S&P 500 flirt with the bear-market territory between inflation and recession fears.

The Dow Jones Industrial Average decreased 222.84 points, or 0.7%, to close at 32,990.12. The S&P 500 went down by 0.6% to 4,132.15. The Nasdaq Composite lifted 0.4% to 12,081.39. The technology-heavy index increased 0.5% at its highs and down almost 1.6% at its lows.

On Monday, after a holiday hiatus, U.S. stocks wrapped up a roller-coaster in May. The Nasdaq had a loss of nearly 2.1% this month. The Dow and the S&P 500 completed the month changed in support of a powerful rally the week prior.

“The market is digesting the sharp rally in the previous week and trying to figure out its footing,” Peter Boockvar, a chief investment officer of Bleakley Advisory Group, said. “We’re still far from being out of the woods regarding major overhangs, inflation, monetary tightening, and surging rates.”

On Tuesday, the market action underscored fears that high inflation weighs on economic growth. In Europe, eurozone inflation readings released Tuesday reached a record high for a seventh straight month, surging 8.1% in May.

Action in the oil market was front-of-mind for investors. Oil prices initially climbed following the European Union agreeing to ban most crude imports from Russia. Later, the oil prices eased from highs as The Wall Street Journal reported the Organization of the Petroleum Exporting Countries was weighing suspending Russia from its oil-production deal.

After being the huge gainer before the session, energy stocks comprised Tuesday’s worst-performing S&P 500 sector. Chevron slid 2%, and Schlumberger declined 4.3%.

Industrial stocks linked to the economic cycle also declined Tuesday. Honeywell lost 1.4%, and Nucor declined to 3.8%.

Health care was one more lagging sector on Tuesday. UnitedHealth Group was among the vast losers on the Dow, off by 2%.

Therefore, a rally in mega-cap technology stocks supported the broader indexes. Amazon increased 4.4%, and Google parent Alphabet made a profit of 1.3%.

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Dow declined to 200 points and concluded a rough May
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Dow declined to 200 points and concluded a rough May
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The Dow Jones Industrial Average decreased 222.84 points, or 0.7%, to close at 32,990.12. The S&P 500 went down by 0.6% to 4,132.15.
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The Women Leaders
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