U.S. stocks fluctuated today, with the Nasdaq Composite rising to a record high at the open after Nvidia shares surpassed $1,000, following better-than-expected fiscal Q1 results. In other news, stronger-than-expected U.S. PMI data confirmed the robustness of the world’s largest economy, pushing forward investors’ expectations of higher-for-longer interest rates. The S&P Global U.S. Composite PMI increased to 54.4 in May, the highest level since April 2022.
Meanwhile, business activity in the euro zone grew at its fastest rate in a year this month, driven by strong demand for services. The HCOB Composite PMI jumped to 52.3 from 51.7 in April, raising hopes for a possible economic rebound in a region long teetering on the brink of recession. The dollar strengthened following the PMI release, trading just below the 105 level, while the 10-year U.S. Treasury yield jumped to 4.48%.
Base metals remained mostly unchanged today after experiencing declines yesterday. This stability suggests market uncertainty about further price drops in the near term, indicating that the longer-term trend is likely still upward. Copper managed to surpass the $10,400/t level, closing at $10,417.5/t, while aluminium declined to $2,621.5/t. Lead traded lower at $2,306/t, and zinc remained mostly unchanged, closing at $3,062.5/t.
The jump in Treasury yields pushed precious metal prices lower. Gold plunged below the $2,350/oz level, while silver decreased to below $30.50/oz. Oil prices retreated 10% from this year’s peak, with WTI and Brent at $77/bbl and $81.5/bbl, respectively.
All price data is from 23.05.2024 as of 17:30
