Post Market Wrap: May 23, 2024

Stocks fell today. The Dow industrials were down over 600 points as blockbuster results from NVIDIA failed to lift the overall markets. Even though NVIDIA was a big movers up about 8%. The Dow was down 1.6%. It was its biggest one day loss for the year. Boeing was down 6.7%, the S&P not as bad. It was down oh point 7%. The NASDAQ down 0.4%. But remember both of them were coming off of record highs. There are several likely explanations for the decline today. First, services and manufacturing data for May were both much stronger than expected. That's not bad news, but that did cause bond yields to move up. But remember something, rates going up because the economy is still strong isn't necessarily a bad thing. Second, the tech rally off of strong semiconductor earnings recently looks a bit long in the tooth. Most semiconductors started the day really strong, but with the exception of NVIDIA, most of them ended in negative territory. So that's starting to look a little played out. Finally, remember we've had a big move up in the market in May, the S and PS up about 5%. And this is a month that's traditionally considered a week month. So overall, still pretty good. For CNBC business news, I'm Bob Pisani at the New York Stock Exchange.

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