Fed Officials Saw Longer Wait for Rate Cuts After Inflation Setbacks 

Minutes of their last meeting revealed some officials were open to raising rates if inflation reaccelerated.

Home Sales Fell Again in April After High Mortgage Rates Damped Activity 

Sales of previously owned homes decreased 1.9% from the prior month to a seasonally adjusted annual rate of 4.14 million.

Nasdaq Slips Ahead of Nvidia Earnings 

The S&P 500, Nasdaq and Dow all declined modestly. All three have advanced at least 5% in May and remain not far off their record highs.

U.S. Crude Oil Stockpiles Rose Last Week 

U.S. crude oil inventories rose by 1.8 million barrels last week and gasoline stocks fell, while refineries stepped up their capacity use for a third consecutive week

30-year mortgage rate drops to a seven-week low 

Mortgage rates fell for the third week in a row, boosting refinancing activity.

Some European Countries Move to Recognize Palestinian State 

The announcements by Norway, Ireland and Spain reflect deepening frustration with Israel's war in Gaza, where the Israeli military was moving deeper into Rafah.

Fed Is In 'Risk Management' Mode with Rate Policy as It Seeks Clarity on Inflation 

Fed Presidents Mester, Collins, and Bostic preach patience in determining whether price growth is cooling.

U.K. Inflation Closes In on Bank of England Target as Rate Cuts Near 

The U.K.'s consumer prices were 2.3% higher in April, nearing the Bank of England's target and opening the way for a rate cut in the coming months, although prices of services continued to rise at a pace that will concern policymakers.

Gold's Latest Allure? It's Sanctions-Proof 

Buying from central banks, particularly from China, can keep the gold rally going even if anxious individual investors don't jump in.

Risky Bonds Join the Everything Rally 

The premium paid by high-yield debt falls to near pandemic-era lows.

(END) Dow Jones Newswires

05-22-24 1515ET