The S&P 500 fell 0.67% to 7,353.61 on Tuesday, May 19, its third straight losing session, as the 30-year Treasury yield briefly topped 5.19%, the highest in nearly 19 years, according to CNBC. The 10-year reached 4.687%, its highest since January 2025.
The Nasdaq dropped 0.84% to 25,870.71 and the Dow shed 322 points to 49,363.88. Canada’s April CPI undershot dramatically at 2.8% YoY (consensus 3.1%), with trimmed mean at 2.0% and core at 2.1%, the most dovish G7 inflation print of the month.
UK average earnings beat at 4.1% (consensus 3.8%) but unemployment rose to 5.0% (consensus 4.9%). Pending home sales beat at +1.4%.
The API reported a massive 9.1 million barrel crude draw. Nvidia reports after today’s close. Below: the yield crisis, Canada’s dovish signal, the UK’s wage-jobs paradox, and what Nvidia means for the S&P’s 3-day slide.
The Big Three
