NEW YORK, May 1 — US equity markets closed sharply lower yesterday, joining their global counterparts in the monthly loss column as investors await crucial economic data and the Federal Reserve convenes for its two-day policy meeting.
“We have reached new highs in the S&P this year, but there comes a time when a market needs to digest those gains,” said Sam Stovall, chief investment strategist of CFRA Research in New York. “The old ‘sell in May’ adage might have come true a month early.” First-quarter earnings season has passed its halfway point, with a host of high-profile results on tap this week, among them Amazon.com and Apple Inc.
European stocks ended lower as a raft of bleak earnings dampened investor sentiment due to upbeat economic data and the increased likelihood that the European Central Bank could cut interest rates in June. The dollar, boosted by economic data, regained some strength against a basket of world currencies and the yen weakened against the greenback, paring gains in the aftermath of suspected currency intervention on the part of Japanese authorities on Monday.The Japanese yen weakened 0.89 per cent versus the greenback at 157.75 per dollar, while sterling was last trading at US$1.2497, down 0.51 per cent on the day.
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