How major US stock indexes fared Thursday, 5/23/2024

Most U.S. stocks slumped after strong economic reports raised the possibility of interest rates staying painfully high. The weakness was widespread on Thursday and overshadowed another blowout profit report from market heavyweight Nvidia. The S&P 500 fell 0.7% and pulled further from its record set earlier this week. The Dow Jones Industrial Average tumbled more than 600 points, and the Nasdaq composite slipped 0.4%. Treasury yields rose in the bond market after reports showed accelerating growth for U.S. business activity and a resilient job market. Higher yields weighed on much of the market, particularly dividend payers like real-estate stocks.