Global Markets Recap: Tech Gains Offset Broader Weakness
U.S. Stock Market:
The major U.S. stock indexes delivered a mixed performance on May 22. The Dow Jones Industrial Average edged down a negligible 1.35 points, closing at 41,859.09. The S&P 500 slipped for a third straight session, dropping 2.60 points (–0.04%) to finish at 5,842.01. In contrast, the Nasdaq Composite rose 53.09 points (+0.28%), closing at 18,925.73.
Large-cap tech stocks were mostly higher. Tesla surged nearly 2%, Alphabet (Google) gained over 1%, while Microsoft, NVIDIA, Amazon, and Meta posted modest gains of less than 1%.
Top-performing sectors included cryptocurrency and computer hardware:
- Quantum jumped over 11%
- Coinbase climbed 5%
- Seagate Technology rose over 4%
- Canaan Technology advanced more than 2%
On the downside, energy stocks and non-ferrous metals dragged the market:
- First Solar plunged over 6%
- Century Aluminum fell more than 4%
- Other players in the sector declined by more than 2%
Chinese Stocks in the U.S.:
The Nasdaq Golden Dragon China Index dropped 1.18%, as most U.S.-listed Chinese companies declined:
- XPeng Motors sank more than 7%
- 21Vianet and Alibaba slid over 6%
- Baidu, Li Auto, and NIO all fell by over 1%
However, Pinduoduo and Zhihu bucked the trend, gaining more than 3% and 2%, respectively.
European Markets:
Markets in Europe ended broadly lower:
- FTSE 100 (London) fell 0.54% to 8,739.26
- CAC 40 (Paris) declined 0.58% to 7,864.44
- DAX (Frankfurt) dropped 0.51% to 23,999.17
Commodity Markets:
- Gold (COMEX) for June delivery fell $18.50 (–0.56%) to $3,295.00/oz
- U.S. crude (NYMEX July) declined $0.37 (–0.60%) to $61.20/barrel
- Brent crude (ICE July) slipped $0.47 (–0.72%) to $64.44/barrel
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