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Dow drops nearly 400 points, shares worst one-day performance in months with S&P

The Dow Jones Industrial Average fell for a second consecutive day, complicating Wall Street’s dull start to the season as bonds soaredYieldrose, traders declinedfedjunecut interest ratesExpectations.

The Dow Jones Industrial Average fell 396.61 points, or 1%, to 39,170.24; Its lowest intraday fall was more than 500 points. The S&P 500 index fell 37.96 points, or 0.72%, to 5205.81; The Nasdaq index fell 156.38 points, or 0.95%, to 16240.45. It was the worst one-day performance for the Dow and S&P 500 since March 5.

The stock market got off to a rough start in the second quarter as inflation data released last week and strong economic data on the first date pushed yields higher and reduced the chances of a rate cut by the Federal Reserve in June. Stocks came under pressure as the 10-year Treasury yield rose to its highest level since November 28. Oil prices also reached highs not seen in five months.

“We continue to see strong inflation data coupled with profit-taking. Since market growth was so significant in the first quarter, we will make some adjustments,” said Greg Bassuk, chief executive officer of AXS Investments. But we believe investor sentiment on interest rates will also remain high for a long time.

Sharat Sethi, managing partner of Douglas C. Lane & Associates, was not impressed by the selloff, calling it “natural digestion” after a stock market rally.

Tesla’s share price fell 4.9% after reporting disappointing vehicle deliveries in the first quarter. Technology giants HUDA, Alphabet and Microsoft all closed lower.

The S&P 500 index rose 10% in the first quarter, the best start to 2019, as investors bet that inflation would fall enough that the Federal Reserve would start cutting interest rates while the economy would keep growing. The Nasdaq rose 9% in the first quarter, led by gains in artificial intelligence-related stocks like Huida.

Before the decline on the 2nd, the core personal consumption expenditures (PCE) price index for February released on the 29th showed an annual growth rate of 2.8%, still some way off the Federal Reserve’s 2% inflation target. Manufacturing indicators from the Institute for Supply Management (ISM) showed expansion for the first time since September 2022.

San Francisco Fed Chair Mary Daly and Cleveland Fed Chair Loretta Mester both expect to cut interest rates this year, but do not expect the easing to begin any time soon. The probability of a rate cut in June now stands at about 63%, up from about 70% a week ago, according to Fed futures trading. The question now is whether the momentum from now can be sustained through 2024 if the Fed insists on keeping interest rates unchanged.

The Atlanta Braves could be one of the next major sports teams to be sold, resulting in a big win for investors.

The Braves trade publicly under the tracking stock name Atlanta Braves Holdings. Rosenblatt Securities said the team could soon become a target for billionaires looking to take it private after being separated from the liberal media umbrella last year.

“Once the appropriate tax treatment is completed, the Warriors will be taken private by a billionaire,” analyst Barton Crockett said in a note to clients.

James Abbate, founder and chief investment officer of Center Asset Management, said the massive selloff in the stock market shows investors should check their expectations of perfection. “The key is prelude, stocks are priced to perfection to move higher or avoid a correction, it will require lower interest rates or more profits. Both of these pillars have collapsed over the past few days.”

And the market has experienced the exact opposite of these two parameters. Better-than-expected economic data and rising oil prices have dampened expectations that the Federal Reserve will cut interest rates later this year. Additionally, declining GDP data and negative retail comments from Tesla and PVH also dampened profit growth expectations.

Last week’s weak demand could signal the beginning of a decline in stocks in the second quarter.

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