Weekly Market Wrap: Futures Dip, and Treasury Yields Fall | June 23, 2023

As we approach the closing of this trading week, market indicators anticipate a downtrend, with futures from S&P 500, Nasdaq 100, and Dow Jones Industrial Average signaling declines. The S&P 500, after five consecutive weeks of gains, has decreased by 0.6%, whereas the Dow Jones has seen a 1% dip. Meanwhile, the Nasdaq Composite exhibits more resilience with a relatively smaller decline of 0.4%. An intriguing shift in the bond market is also evident, with both 10-year and 2-year Treasury yields witnessing drops.

Attention is now turning to the forthcoming S&P Global PMI figures for June. These are predicted to indicate a modest recovery in the manufacturing sector and a decrease in the services sector, reflecting mixed sentiments about the current economic climate. On the individual equities front, Virgin Galactic has experienced a setback following its announcement of substantial new stock sales, leading to a fall in share price due to the expected dilution of existing shares. #PMI #SPX #NDX #DJI #MarketUpdate #News