Treasuries Hold Losses – US Market Wrap

– Wall Street’s enthusiasm for stocks faded as many traders were reluctant to keep piling in after a solid rally in early May.
– The S&P 500 closed little changed, remaining below the 5,200 mark that it briefly touched this week. Tesla and Google’s parent Alphabet led losses in megacaps. Intel slumped as the chipmaker weakened its revenue outlook after a US ban on chip exports to Huawei. Treasuries remained lower after a $42 billion sale of 10-year bonds saw tepid demand.
– Following a pullback last month, equities resumed their ascent in early May as strong corporate profits boosted optimism and anticipation mounted that the Federal Reserve might be able to lower interest rates this year. The current advance has moved the S&P 500 within 1% of its all-time high.