People pass in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, June 4, 2024, in Tokyo.
The S&P 500 edged 0.1% higher, to 5,283.40, even though the majority of stocks within the index fell. The Dow Jones Industrial Average dropped 0.3% to 38,571.03, and the Nasdaq composite rose 0.6% to 16,828.67. “So, why such a distinct wave of U.S. pessimism this time? Was it a manufactured excuse to take profits? Or is there a deeper cause for concern beneath the hood?” Tan Jing Yi of Mizuho Bank said in commentary. “We suspect it is a bit of both."This week has several other high-profile economic reports that could send yields on additional sharp swings.
Halliburton dropped 5.3%, and Exxon Mobil fell 2.4%. They sank as the price of a barrel of U.S. oil dropped 3.5%. Brent crude, the international standard, lost a similar amount despite moves over the weekend byclimbed another 4.9% to bring its gain for this year to 132.2% after unveiling new products and services over the weekend. It’s been deliveringto keep at bay criticism that investors have become overzealous about the prospects for AI.
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