{"id":23351,"date":"2024-05-23T09:37:12","date_gmt":"2024-05-23T14:37:12","guid":{"rendered":"https:\/\/www.eoption.com\/mid-morning-look-may-23-2024\/"},"modified":"2024-05-23T09:37:12","modified_gmt":"2024-05-23T14:37:12","slug":"mid-morning-look-may-23-2024","status":"publish","type":"post","link":"https:\/\/www.eoption.com\/mid-morning-look-may-23-2024\/","title":{"rendered":"Mid-Morning Look: May 23, 2024"},"content":{"rendered":"\n
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Mid-Morning Look<\/span><\/b><\/p>\n

Thursday, May 23, 2024<\/span><\/b><\/p>\n\n\n\n\n\n\n\n
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Index<\/span><\/p>\n<\/td>\n

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Up\/Down<\/span><\/p>\n<\/td>\n

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%<\/span><\/p>\n<\/td>\n

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Last<\/span><\/p>\n<\/td>\n<\/tr>\n

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DJ Industrials<\/span><\/b><\/p>\n<\/td>\n

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-277.95<\/span><\/p>\n<\/td>\n

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0.70%<\/span><\/p>\n<\/td>\n

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39,392<\/span><\/p>\n<\/td>\n<\/tr>\n

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S&P 500<\/span><\/b><\/p>\n<\/td>\n

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5.32<\/span><\/p>\n<\/td>\n

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0.10%<\/span><\/p>\n<\/td>\n

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5,312<\/span><\/p>\n<\/td>\n<\/tr>\n

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Nasdaq<\/span><\/b><\/p>\n<\/td>\n

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102.19<\/span><\/p>\n<\/td>\n

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0.61%<\/span><\/p>\n<\/td>\n

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16,904<\/span><\/p>\n<\/td>\n<\/tr>\n

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Russell 2000<\/span><\/b><\/p>\n<\/td>\n

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-9.40<\/span><\/p>\n<\/td>\n

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0.45%<\/span><\/p>\n<\/td>\n

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2,072<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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U.S. stocks are mixed early, as the tech heavy Nasdaq and S&P 500 outperform as tech giant NVDA reported results that came in above lofty expectations overnight, pushing shares to record highs above $1,000 per share for the first time and boosting the \u201cAI\u201d tech complex across the board. Small caps underperform along with the Dow, as the Nasdaq rises just shy of 17,000 level (high was 16,996.39) before fading from the open. The Philly semiconductor index (SOX) traded new all-time highs behind the spike in NVDA, etc. rising to 5,255.63 (taking out prior 5,217.83 high in early March) but has since pulled back below that prior level. Treasury yields spike after S&P PMI data showed strength, as 10-yr hits more than 1-week high above 4.49% from 4.43% prior to data. The CBOE Volatility Index (VIX) rolled more than -6% to $11.53 earlier, lowest since 2020 (Covid times) but has pared losses. Bitcoin prices roll along with pullback in stocks, -2% below $68K and weighing on crypto names (COIN, MSTR, MARA, CLSK, HUT). Gold prices declined to a one-week low, extending their fall for a third consecutive session on profit-taking after minutes from the U.S. Federal Reserve’s latest meeting indicated that interest rates would stay higher for longer. This morning\u2019s S&P Global PMI data showed strength in the economy, adding to concerns. Little profit taking early after new record highs for the S&P and Nasdaq, while Dow and Russell 2000 underperform. <\/p>\n

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Economic Data<\/p>\n