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22.05.2025 11:06 AM
Update on US stock market on May 22

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S&P500

Snapshot of benchmark US stock indices on Wednesday: Dow -1.9%, NASDAQ -1.4%, S&P 500 -1.6%, S&P 500 at 5,844, range 5,400–6,200.

Yesterday, the stock market hit a wall not so much due to the disappointing earnings report and forecast from Target (TGT 93.01, -5.11, -5.2%), but rather because of a concerning spike in Treasury yields.

The 10-year yield closed the session at 4.60%, up 12 basis points, while the 30-year yield settled at 5.09%, up 13 basis points. The initial wave of selling in the Treasury market was triggered by inflation worries following the UK's higher-than-expected CPI data for April, as well as concerns over the deficit.

Media reports highlighted an agreement to raise the SALT deduction cap to $40,000 (from $10,000) and noted that conservative Republican members of the House had withdrawn their demands for deeper Medicaid cuts. As of writing, it's unclear whether this is confirmed, as debates continue within the GOP. However, there was speculation that the House may move to a full vote on the so-called "reconciliation" bill as early as tonight.

Treasury yields retreated in the second half of the day following a $16 billion auction of 20-year bonds, which showed relatively weak demand. The bid-to-cover ratio stood at 2.46, below the 12-auction average of 2.58. The high yield of 5.047% came in over a basis point above the issuance yield of 5.035%. The major stock indices, which had been fluctuating modestly, faced renewed selling pressure after the auction.

The yield surge reignited growth concerns, hitting small-cap stocks hardest: the Russell 2000 dropped by 2.8%. Losses were recorded in 10 of the 11 S&P 500 sectors.

The only gainer was the communication services sector (+0.7%), buoyed by strong performance from Alphabet (GOOG 170.06, +4.74, +2.9%) following its I/O developer conference.

The worst-performing sectors were:

  • Real Estate (-2.6%)
  • Health Care (-2.4%)
  • Financials (-2.1%)
  • Consumer Discretionary (-1.9%)
  • Utilities (-1.9%)

Market breadth showed a stark imbalance: declining stocks outnumbered advancers by nearly 9-to-1 on the NYSE and 4-to-1 on the Nasdaq.

Among Dow components, UnitedHealth Group (UNH 302.98, -18.60, -5.8%) was a notable loser after HSBC downgraded the stock from "Hold" to "Reduce" and The Guardian published a report accusing the company of paying nursing homes to reduce hospital transfers.

UnitedHealth denied the allegations, stating that the US Department of Justice had investigated and declined to proceed due to significant factual inaccuracies. Nonetheless, the stock suffered along with much of the health care sector.

The major stock indices closed near their session lows. The only economic report of the day was the MBA Mortgage Applications Index, which fell by 5.1% for the week. Refinance and purchase applications both dropped by 5.0%, reflecting weakened demand amid rising mortgage rates.

Year-to-date performance:

  • DJIA: -1.6%
  • S&P 500: -0.6%
  • Nasdaq Composite: -2.3%
  • S&P Midcap 400: -4.3%
  • Russell 2000: -8.2%

Energy market Brent crude is trading at $64.4 a barrel. Oil failed to hold above $65.

Conclusion Wall Street is going through a correction. A new bearish sequence is highly likely today or in the coming days. It makes sense to open long positions gradually, though the market may offer even more attractive prices soon.

Jozef Kovach,
Analytical expert of InstaForex
© 2007-2025
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