The First Slice for Tuesday, May 17, 2022

Dow industrials eked out a slightly positive finish on Monday, while the S&P 500 saw its gains entirely evaporate during the final hour of trading, extending a stock-market selloff following a batch of weak data from China and the U.S. that fueled more concerns about the state of the global economy.

  • The Dow finshed up +26.76 or +0.08%
  • The S&P 500 closed down -15.88 or -0.39%
  • The Nasdaq finished lower -142.21 or -1.20%

The Dow and S&P 500 struggled to hold earlier gains on Monday following Friday’s modest relief rally, which still left equities sharply lower last week. Some investors remain skeptical the central bank can get inflation under control without causing a sharp slowdown. 

On Monday, the New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 36.2 points to negative 11.6 in May. Economists had expected the index to fall slightly to a solid 16.5 reading, according to a survey by The Wall Street Journal. Any reading below zero indicates deteriorating conditions.

Earlier in the day, fresh economic data from China appeared to trigger some investor jitters as that country revealed continued fallout from recent COVID lockdowns. The data complicates an already cloudy picture for U.S. investors, experiencing a bear market for tech stocks and close to one for the S&P 500……Full Loaf Hot Link[read more]

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