By Staff Reporters
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The domestic stock markets owe much of their resilience today to the strength of the biggest companies, which investors tend to favor when recessions appear likely, though financial stocks have lagged most of the year, according to Liz Ann Sonders, chief investment strategist at the Schwab Center for Financial Research. Indeed, small-cap stocks were notable laggards yesterday, with the Russell 2000 index falling more than 1%.
The markets appear convinced the Fed will raise its benchmark interest rate by another quarter of a point in May, taking it to a range of 5%–5.25%, even after the larger-than-expected de-celerations in both consumer and producer prices reported earlier this week.
The following is a round-up of yesterday's market activity:
- The S&P 500 Index was down 8.58 (0.2%) at 4137.64; the Dow Jones industrial average was down 143.22 (0.4%) at 33,886.47; the NASDAQ Composite was down 42.81 (0.4%) at 12,123.47.
- The 10-year Treasury yield was up about 6 basis points at 3.515%.
- CBOE's Volatility Index was down 0.73 at 17.07.
Among S&P 500 sectors, real estate and utilities were among the weaker performers yesterday. Notwithstanding the day's weakness, volatility expectations as measured by the VIX dropped to its lowest level since late 2021.
WTI crude oil futures rose modestly and have surged about 24% over the past four weeks, illustrating still-present inflationary forces.
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