01 Stock Market
The Nasdaq and the benchmark S&P 500 closed lower on Monday as investors took some profits in technology stocks while surging Treasury yields and high oil prices fueled concerns that inflation and borrowing costs could stay elevated.
The 10-year Treasury yield , the benchmark for global borrowing costs, climbed to its highest level since February 2025 earlier in the day on worries that high inflation would keep borrowing costs elevated due to the disruption of oil shipping through the Strait of Hormuz.
The U.S. major indexes closed as follows: Dow Jones up 0.32% at 49,686.12; S&P 500 declined 0.07% at 7,403.05; NASDAQ declined 0.51% at 26,090.73.
Unusual-move stocks were broadly concentrated in technology and energy themes. Leveraged semiconductor ETF SOXS rose 7.80% at $9.95; ServiceNow (NOW) up 8.78% at $103.42, led by AI-software enthusiasm; space-launch play Rocket Lab (RKLB) gained 5.12% at $131.16. On the downside, Micron Technology (MU) fell 5.95% at $681.54, while optical component maker Applied Optoelectronics (AAOI) fell 8.98% at $173.26. Among megacaps, NVIDIA (NVDA) declined 1.33% at $222.32, and Tesla (TSLA) declined 2.90% at $409.99. Chinese music streamer Tencent Music (TME) rose 6.97% at $9.06, and data analytics firm Palantir (PLTR) edged up 0.86% at $135.14.
02 Other Markets
U.S. 10-year Treasury yield fell by 0.68%, latest at 4.59%.
USD/CNH fell 0.07%, at 6.84; USD/HKD fell 0.00%, at 7.83.
U.S. Dollar Index rose 0.01%, at 98.97.
WTI crude futures fell 1.86%, at 102.44 USD/bbl; COMEX gold futures rose 0.69%, at 4,589.30 USD/oz.
03 Top News
Trump Calls off Planned Iran Attack, Citing Middle East Leaders' Request
U.S. President Donald Trump said Monday that he has postponed a scheduled military attack on Iran following appeals from Middle Eastern leaders who claim peace negotiations are underway.
In a post on Truth Social, Trump stated he had been “asked by the Emir of Qatar, Tamim bin Hamad Al Thani, the Crown Prince of Saudi Arabia, Mohammed bin Salman Al Saud, and the President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, to hold off on our planned Military attack of the Islamic Republic of Iran, which was scheduled for tomorrow.”
Meta Will Conduct May 20 Layoffs in Batches, Announce Organizational Changes
Meta Platforms (META) will begin its 10% workforce reduction on Wednesday, May 20, conducting the layoffs in three tranches, according to an internal memo viewed by Reuters.
Notices will begin to be distributed to impacted employees at 4am, Pacific time.
In concert with the termination notices, management also plans to announce organizational changes and notify the ~7,000 employees who will be tasked with new AI initiatives.
After word of the job cuts was disclosed, CEO Mark Zuckerberg attributed the decision to increased spending on artificial intelligence and less on its Facebook platform.
OpenAI Defeats Elon Musk's Lawsuit, Removes Obstacle to IPO
A U.S. jury on Monday ruled against Elon Musk in his lawsuit against OpenAI, finding the artificial intelligence company not liable to the world's richest person for having allegedly strayed from its original mission to benefit humanity.
In a unanimous verdict, the jury in Oakland, California, federal court said Musk brought his case too late. The jury deliberated less than two hours.
Sources: Reuters, Dow Jones, Tiger Newspress, Benzinga, public market data
Disclaimer: This content is for reference only and does not constitute investment advice.
