Bhinneka News Online: May 2023

Wednesday, 31 May 2023

CNBC Daily Open: We made it through May — and maybe the debt ceiling too

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Thursday June 01 2023

We made it through May — and maybe the debt ceiling too.

Markets

S&P500 Close

4,179.83

-0.61%

S&P500 Futures

4,195.50

+0.12%

Bitcoin

26,813.06

-0.90%

As of THU, JUN 01, 2023 • 02:15 ET

What you need to know today

The bill to suspend the U.S. debt limit passed a House vote 314-117, with support from both Democrats and Republicans. The Fiscal Responsibility Act will now go to the Democrat-controlled Senate, where leaders want to pass it within 48 hours.

U.S. stocks slipped slightly Wednesday, with all three major indexes falling less than 1%. Asia-Pacific markets mostly traded higher Thursday. Factory activity in China and Japan rose in May, according to separate private surveys. China's Shanghai Composite added 0.43% and Nikkei 225 rose 0.74% in response.

Around 2,000 Amazon employees walked off the job Wednesday, in protest of the company's return-to-office mandate, mass layoffs and environmental record. Separately, Amazon will pay the Federal Trade Commission more than $30 million to settle allegations of privacy lapses in its Alexa and Ring divisions.

The Job Openings and Labor Turnover Survey from the Labor Department showed job openings increasing to more than 10 million in April, a higher number than March's and more than economists expected. Still, note that JOLTS' data lags: the numbers are for April, not May.

PRO Ever since Nvidia's meteoric ascent last week, investors have been focusing on other semiconductor firms that would similarly benefit from the artificial intelligence boom. But investors shouldn't ignore software companies that harness AI, advised Bank of America.

The bottom line

Yeo Boon Ping | Thursday June 01 2023

The old Wall Street adage to sell in May and go away held true this year — aside from AI-related stocks, that is.

At the last trading day of May, the S&P 500 lost 0.61%, the Dow Jones Industrial Average fell 0.41% and the Nasdaq Composite slid 0.63%. For the month, the S&P inched up 0.3%, the Dow sank 3.5% and the Nasdaq jumped 5.8%.

What jumps out here is the discrepancy between the Dow and the S&P. The tech-heavy Nasdaq was, quite clearly, enjoying the surge in AI-related stocks. The Dow was weighed down by losses of more than 10% in stocks like Nike, Walt Disney and Chevron. But the simple exclusion of Nvidia from the Dow was a big factor in the index's poor showing compared with the S&P, a sign of how much heavy lifting Nvidia has been doing in May.

Cryptocurrency might want to divorce itself from traditional financial systems, but it can't escape the gravitational pull of Wall Street. Bitcoin lost 2.77% and ether fell 2.2% yesterday; for the month, bitcoin's down 7.9% and ether slid 2.05%, giving them their first losing month in 2023.

If history proves a reliable guide, June won't be any better than May, unfortunately. According to The Stock Trader's Almanac analysis of data from 1950 to 2022, in an average June, the S&P tends to rise 0.1% while the Dow typically loses 0.2%. Early signs seem to corroborate the trend. Stock futures mostly ticked down Wednesday night even after the House passed the bill to suspend the debt limit.

Those aren't confidence-inspiring numbers, but a quick caveat: In markets, history tends not to rhyme.

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Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis.

Data also provided by THOMSON REUTERS

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