Dow Jones falls 570 points, records worst monthly performance since September 2022

US stocks ended the sessions on April 30 with declines, snapping a five-month winning streak, as dollar and Treasury bond yields rose ahead of the Federal Reserve’s interest rate decision scheduled for May 1.

The Dow Jones Industrial Average fell by 1.50%, or 570 points, to close at 37,815 points. The index recorded monthly losses of 5%, marking the worst monthly performance since September 2022.

The S&P 500 index fell by 1.55%, or 80 points, to 5,035 points, and recorded losses of 4.2% during April. The Nasdaq Composite Index declined by 2.05%, or 325 points, to 15,657 points, and recorded monthly losses of 4.4%.

The STOXX Europe 600 declined by 0.70% to close at 504.89 points, deepening its losses in April to 1.50%.

The British FTSE index was stable at 8,144 points, while the German DAX index lost 1.05% to 17,932 points, and the French CAC index edged down 1% to 7,984 points.

In Japan, the Nikkei index surged by 1.25%, or 470 points, to 38,405 points at the end of the session, and the broader Topix index grew 2.10% to 2,743 points.

Among commodities, Brent crude for June delivery (which expired today) fell 0.6%, or 54 cents, to $87.86 per barrel. The global benchmark gained 0.4% in April, marking fourth consecutive monthly rise.

Contracts for July delivery (the most active) fell 1%, or 87 cents, to $86.33.

WTI crude futures for June delivery fell 0.9%, or 70 cents, to $81.93 per barrel, recording losses of 1.5%.

Regarding gold, futures prices for the precious metal for June delivery retreated by 2.3%, or $54.8, to $2,302.9 per ounce, but recorded monthly gains of 2.9%.

The data released on April 30 showed an increase in the labor cost index, which is a measure of wages, in the US, by 1.2% in the first quarter, compared to expectations that it would rise by only 1%, which created fears of renewed inflationary pressures.