📆 Thursday, May 30
► European stock markets opened with minimal changes as they tracked the overnight selloff in Asia but trim some of the sharp losses of the previous two days. The Stoxx 600 index is currently up 0.3%, reflecting cautious sentiment amid high US Treasury & Eurozone yields. Spain's inflation rate rose to 3.6% in May, up from 3.3% in April but below market forecasts of 3.7%. Investors are focused on upcoming inflation data from Europe (due on 05/31) to gauge future monetary policy directions as well as US PCE – the Fed's preferred inflation reading which will also be reported on Friday.
► US stock futures pointed to further declines, following a sharp drop in major indices on Wednesday. The S&P 500 fell below 5,300, and the Nasdaq 100 had its worst day since May 1. This was strongly affected by Salesforce plunging more than 16% in extended trading after missing revenue expectations and issuing weak guidance. It came as a surprise given optimistic analysts – our chief analyst, however, warned due to large insider selling, especially from Co-Founder and CEO Marc Benioff. Rising Treasury yields, which are near their highest levels this year, also dampened risk appetite, with the 10-y yields hovering around 4.6%. Investors are bracing for key economic data, including GDP figures due later today and the PCE inflation report (due on 05/31), to get insights into the Fed’s next moves.
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