Monday’s stock market decline followed concerns about the health of the US economy highlighted by a set of dismal manufacturing data.
The shares that withered first were banks, industrials, and other growth-dependent stocks. Caterpillar and Goldman Sachs were two of the worst losers on the Dow Jones Industrial Average, which fell 400 points, or roughly 1%.
Compared to the Nasdaq Composite’s 0.2% decline, the S&P 500 fell 0.6%. Treasury rates declined as the ISM manufacturing index, which measured 48.7 in May, indicated that the US manufacturing sector was slowing down.
There is a contraction when the reading is less than 50. With all three major averages recording their sixth consecutive positive month, Wall Street is coming off a great month. It was the Nasdaq’s strongest month since November 2023, rising 6.9% in May.
Source (CNBC)
