US indices close mixed despite energy rally; SAVE, CVX surge

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Wall Street's main indices closed mixed on Monday, May 16, as a downbeat Chinese economic data overshadowed gains in energy stocks, while tech shares continued their downward march.

The S&P 500 fell 0.39% to 4,008.01. The Dow Jones rose 0.08% to 32,223.42. The NASDAQ Composite declined 1.20% to 11,662.79, and the small-cap Russell 2000 fell 0.52% to 1,783.43.

On Monday, China's National Bureau of Statistics (NBS) said the country's industrial production fell 2.9% and manufacturing dropped 4.6% year-on-year, attributed to fresh covid lockdowns.

Retail sales also dropped 11.1% YoY in April. According to China Passenger Car Association, passenger car production plummeted 41.1% YoY in April.

However, the waning of new Covid-19 cases in the hardest-hit areas has raised fresh optimism in the energy market, driving up the prices of the stocks.

Meanwhile, the US official data showed that factory activity in the New York state fell in May, declining for the third time this year, pointing at a slump in new orders and shipments.

A New York Federal Reserve survey carried out between May 2 and May 9 and released on Monday revealed that the general business conditions index plunged 36 points to -11.6. Any reading below zero indicates a contraction in the manufacturing sector.

After a well-earned rebound last Friday, traders are now weighing if the market can sustain its growth momentum this week.

The energy and healthcare sectors were the top movers in the S&P 500 index on Monday. Four out of the 11 sectors of the S&P 500 index stayed in the positive territory. The consumer discretionary and financial segments were the laggards.

Shares of Spirit Airlines Incorporated (SAVE) soared 12.72% after JetBlue Airways Corporation (JBLU) launched a hostile takeover attempt for the company. The JBLU stock tumbled 6.01%.

Social media company Twitter Inc. (TWTR) stock slipped 8.13% after Tesla CEO Elon Musk said the company's legal team had accused him of violating a nondisclosure agreement on Saturday.

McDonald's Corporation (MCD) stock dropped 0.38% after the fast-food company said it would quit Russia and sell all its businesses there.

In the energy sector, Exxon Mobil Corporation (XOM) rose 2.44%, Chevron Corporation (CVX) gained 3.09%, and Shell plc (SHEL) surged 2.43%. BP p.l.c (BP) and ConocoPhillips (COP) ticked up 1.75% and 3.09%, respectively.

In healthcare stocks, Pfizer (PFE) increased by 1.14%, Eli Lilly and Company (LLY) soared 2.78%, and AbbVie Inc. (ABBV) jumped 1.44%. Merck & Co., Inc. (MRK) and AstraZeneca PLC (AZN) advanced 2.13% and 2.14%, respectively.

In the consumer discretionary sector,, Inc. (AMZN) decreased by 1.99%, Tesla, Inc. (TSLA) declined by 5.88%, and Alibaba Group Holding Limited (BABA) fell by 1.64%. Booking Holdings Inc. (BKNG) and Starbucks Corporation (SBUX) plummeted 2.66% and 4.21%, respectively.

In the crypto space, Bitcoin (BTC) and Ethereum (ETH) decreased by 2.56% and 4.10%, respectively. The global crypto market cap tumbled 2.24% to US$1.27 trillion at 4:05 pm ET on May 16.

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Futures & Commodities

Gold futures were up 0.80% to US$1,822.74 per ounce. Silver increased by 3.01% to US$21.634 per ounce, while copper rose 0.77% to US$4.2070.

Brent oil futures increased by 2.32% to US$114.14 per barrel and WTI crude was up 2.67% to US$111.53.

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Bond Market

The 30-year Treasury bond yields were up 0.37% to 3.103, while the 10-year bond yields fell 1.61% to 2.886.

US Dollar Futures Index decreased by 0.37% to US$104.235.



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