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All major U.S. equity indices opened the week with losses, as traders shifted to safe-haven bonds and gold amid concerns affecting the health of the U.S. manufacturing activity. In May, the ISM Manufacturing PMI dropped to 48.7, marking a faster-than-expected contraction.
This follows a bleak Chicago PMI report on Friday, which indicated the worst sentiment since May 2020.
The CBOE Volatility Index (VIX), known as the market fear gauge, surged by 9% on a day marred by temporary technical glitches affecting several NYSE-listed stocks, including Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) and Chipotle Mexican Grill Inc. (NYSE:CMG).
At 12:40 p.m. in New York, the Nasdaq 100 index was down 0.5%, eyeing its fourth consecutive session of declines, potentially marking its longest losing streak since early January 2024.
The Dow Jones Industrial Average underperformed tech-heavy indices due to sharp losses in the energy and industrials sectors, weighing down the blue-chip index.
Treasury yields fell nearly 10 basis points, marking the highest one-day decline in yields since May 15 and the third-largest drop of the year. Bond-related assets surged, with the iShares 20+ Year Treasury Bond (NASDAQ:TLT) gaining 1.2%, aiming for its third consecutive day of gains.
As yields dropped, gold rose by 0.9%, fully recovering Friday’s losses, while Bitcoin (CRYPTO: BTC) was up by 2.3%.
Major Indices | Price | 1-day %chg |
Nasdaq 100 | 18,443.91 | -0.5% |
S&P 500 | 5,248.61 | -0.5% |
Russell 2000 | 2,050.97 | -0.9% |
Dow Jones | 38,285.51 | -1.0% |
According to Benzinga Pro data:
In emerging markets, Mexican assets experienced a sharp decline following Claudia Sheinbaum‘s landslide victory in the country’s presidential election on Sunday.
The Mexican Peso tumbled as much as 4.3% against the dollar, marking its worst trading day since March 16, 2020.
Mexican stocks sold off heavily, with the iShares MSCI Mexico ETF (NYSE:EWW) dropping 10%, also its worst day since March 16, 2020, when it tumbled 15%.
Read now: Mexican Peso Suffers Worst Day In Four Years After Sheinbaum Wins Presidential Elections
Image generated using artificial intelligence via Midjourney.
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