April rain better mean the stock market stops the pain by May, the market fell Tuesday, while fan favorite EV maker Tesla made less EV's than last year and dropped nearly 5%.
Stocks closed lower. On Preliminary numbers, the $S&P 500 Index (.SPX.US)$ fell about 0.72%.
Benchmark crude oil prices added more than rising to their highest levels since October, after the killing of a senior Iranian general raised tensions in the Middle East.
The 10-year Treasury yield touched 4.4%, reaching its highest levels since November, after U.S. manufacturing data came in stronger than expected yesterday.
Tesla shares dropped after missing vehicle-sales expectations.
The $Dow Jones Industrial Average (.DJI.US)$ fell about 1%, and the $NASDAQ 100 Index (.NDX.US)$ fell 0.94%. All three are off more than 1%, with nine of the S&P 500's sectors retreating. The small-cap $Russell 2000 Index (.RUT.US)$ fell 2%.
MOOVERS
$Tesla (TSLA.US)$ fell after the firm said it produced 433,371 vehicles in the first quarter, down from 440,808 in the same period a year ago. Deliveries fell to 386,810, down from 422,875 in the same period last year.
$NVIDIA (NVDA.US)$, speaking of the mag seven, fell about 1.3%, a day after a director at the firm sold about 11k shares.
Within the S&P 500, $Humana (HUM.US)$ was the largest decliner, down 13%. $CVS Health (CVS.US)$ followed, down 8.6%. Tesla was the seventh decliner on the index, and number one falling on the Nasdaq 100.
MACRO
Job openings recorded by JOLTS were just shy of expectations at 8.75M, but above last weeks 8.74M.
Yields on U.S. government debt jumped Tuesday after traders reacted to signs of persistent inflation in the Institute for Supply Management's index of manufacturers and last Friday's PCE report.
The yield on the 10-year Treasury note jumped almost 12 basis points to 4.389%, from 4.311% on Thursday. Yields hit a for month high, as investors price in the reality that fewer Federal Funds rate cuts may be likely in 2024. The probability of a June rate cut dropped below 50% according to CME Fed Watch tool on Monday, and now sits at about 60%.
