U.S. stocks opened higher today after falling yesterday due to strengthening Treasury yields. The University of Michigan's final consumer sentiment index for May came in at 69.1, beating forecasts of 67.5. This index measures consumer attitudes and expectations regarding their personal financial situation, the overall economy, and buying intentions for various goods and services. The recent data showed that consumers expect prices to rise at an annual rate of 3.5% over the next year – the highest in six months. The dollar gave back yesterday's gains and stood at 104.7, while the 10-year U.S. Treasury yield remained mostly unchanged, just below 4.5%.
Another day of subdued moves was seen across the base metals complex. The only exception was aluminium, which jumped to $2,667/t, recovering some of the losses recorded in the last two days. Copper traded flat today, hovering around the $10,400/t level. Copper experienced its largest weekly decline in over three months, as its rally to a record high was dampened by a strengthening U.S. dollar and weak demand in China. Lead also remained mostly unchanged, trading at $2,298/t, while zinc edged slightly higher, standing at $3,073/t.
After plummeting over the last two days, precious metals rebounded slightly today, with gold trading at $2,339/oz and silver jumping to $30.49/oz. Oil remained broadly unchanged, with WTI and Brent at $77.3/bbl and $81.7/bbl, respectively.
All price data is from 24.05.2024 as of 17:30
