Market Updates: Latest Stock Market News and Updates – May 29, 2024

US stock markets experienced a significant downturn today as American Airlines shares plunged over 14% on a Q2 profit forecast cut. This news sent shockwaves through the market, with investors closely monitoring the situation.

In the commodity sector, oil prices hit a 4-week high ahead of the OPEC+ policy verdict, with Brent crude futures reaching $84.41 a barrel. Gold, on the other hand, dipped due to a strong US Dollar and Treasury yields, with spot gold decreasing by 0.7% to $2,345.62 per ounce.

Tata Steel made waves by announcing a dividend of ₹3.60 per share, setting July 21, 2024, as the record date. This news caught the attention of many investors who are closely watching the company’s performance.

Another noteworthy event was the IPO share allotment of GSM Foils, which is expected to be finalized today. The IPO saw overwhelming demand, being subscribed to 257.30 times, indicating strong interest from investors.

On Wall Street, US stocks declined as worries about a Fed rate cut pushed yields higher. The Dow Jones fell 0.35%, the S&P 500 dropped 0.51%, and the Nasdaq Composite decreased by 0.83%.

Overall, these market developments are keeping investors on their toes, with the global market landscape experiencing fluctuations and uncertainties that require careful monitoring. Stay tuned for more updates on the latest market movements.