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Today's Stock Market Performance

Updated: May 15, 2023

Stock Market Performance on May 15, 2023


The stock market closed lower on May 15, 2023, as investors weighed concerns about rising inflation and interest rates against positive economic data. The Dow Jones Industrial Average fell 0.33%, the S&P 500 lost 0.16%, and the Nasdaq Composite declined 0.35%.


The biggest losers on the day were energy stocks, as oil prices fell on concerns about a global recession. The S&P 500 Energy Index fell 2.4%, led by declines in Exxon Mobil (XOM) and Chevron (CVX).


Technology stocks also underperformed, as investors worried about rising interest rates and the impact of inflation on corporate earnings. The S&P 500 Information Technology Index fell 1.2%, led by declines in Apple (AAPL) and Microsoft (MSFT).

Healthcare stocks were the only major sector to finish higher on the day, as investors sought out defensive investments. The S&P 500 Healthcare Index rose 0.4%, led by gains in Johnson & Johnson (JNJ) and UnitedHealth Group (UNH).


Biggest Winners


The biggest winners on the day were:

  • Johnson & Johnson (JNJ): +1.4%

  • UnitedHealth Group (UNH): +1.3%

  • Pfizer (PFE): +1.2%

  • Merck (MRK): +1.1%

  • Abbott Laboratories (ABT): +1.0%

Biggest Losers


The biggest losers on the day were:

  • Exxon Mobil (XOM): -2.7%

  • Chevron (CVX): -2.6%

  • ConocoPhillips (COP): -2.5%

  • Occidental Petroleum (OXY): -2.4%

  • EOG Resources (EOG): -2.3%

Economic Data


There was some positive economic data released on May 15, which helped to offset some of the concerns about rising inflation and interest rates. The Commerce Department reported that retail sales rose 0.9% in April, beating expectations of a 0.7% increase. The report also showed that core retail sales, which exclude volatile food and energy prices, rose 0.6% in April, also beating expectations.


The housing market also showed signs of strength, as the National Association of Realtors reported that pending home sales rose 10.7% in April, the largest one-month increase since June 2020. The report showed that the housing market is still very strong, despite rising mortgage rates.


Outlook


The stock market is likely to remain volatile in the near term, as investors continue to weigh concerns about rising inflation and interest rates against positive economic data. However, the long-term outlook for the stock market remains positive, as the economy is expected to continue to grow and corporate earnings are expected to rise.


Disclaimer


This blog post is for informational purposes only and should not be considered investment advice. The author is not a financial advisor and does not provide financial advice. The author is not responsible for any losses incurred by readers as a result of investing in any of the stocks mentioned in this blog post.


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