US Equity Markets End Lower as Rising Oil, Bond Yields Stoke Inflation Concerns

MT Newswires Live
05/16

US equity indexes ended lower on Friday as crude oil prices and government bond yields rose, triggering increasing concerns that rising energy costs will spur inflation.

* The US war with Iran is nearing its 11th week, and the Strait of Hormuz remains closed to oil tankers.

* Industrial production rebounded by 0.7% in April, above expectations for a 0.3% increase in a Bloomberg survey and following an upwardly revised 0.3% decline in March.

* June West Texas Intermediate crude oil rose $4.29 to settle at $105.46 per barrel, while July Brent crude, the global benchmark, was last seen up $3.55 at $109.28.

* Nvidia (NVDA), Advanced Micro Devices (AMD), Arm Holdings (ARM) and Intel (INTC) shares declined, while ASML Holding (ASML) and STMicroelectronics (STM) also fell after a US-China summit ended without major semiconductor agreements.

* DexCom (DXCM) shares rose 6.6%, the top gainer on the S&P 500, after the company set new long-term financial goals, including organic revenue growth of more than 10% a year through 2030.

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