500 Decline On Friday, Pointing To First Losing Week In 6 | Real-Time updates

The S&P 500 fell on Friday as investors sold off Nvidia, as the market continued to relax this week even though the Federal Reserve’s favored inflation gauge came in mostly in line with expectations.

The Nasdaq Composite fell 1.3% and the S&P 500 shed 0.5% as Nvidia and other megacap technology firms suffered. The gain of more than 2% in UnitedHealth helped to drive a 62-point, or 0.2%, increase in the Dow Jones Industrial Average.

After five weeks of gains, the S&P 500 and Nasdaq were poised to break their respective winning streaks of 1.8% and 2.4%. With a 2.3% decline, the Dow was headed for its second straight week of losses.

Despite those changes, May is looking like a successful month, with the key benchmarks expected to post their sixth consecutive month of growth. This month, the S&P 500 has increased by over 3.5%, while the Dow has gained 0.9%. 5.5% has been earned by the tech-heavy Nasdaq Composite.

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According to Quincy Krosby, chief global strategist at LPL Financial, “the market is going to stay bumpy,” citing factors including consumer spending, Treasury rates, and the impending election. “There are concerns about: Where are we going? Which way is the economy going?

A significant portion of May’s success may be ascribed to a spike in Nvidia, which last week reported record-breaking earnings. Despite a more than 1% decline in the stock on Friday, the artificial intelligence darling is expected to close the month more than 26% higher. The whole market was negatively impacted on Friday by the greater than 1% declines in Tesla, Microsoft, Meta, and Netflix.

Economic data that was closely watched and released on Friday morning mainly confirmed predictions. In April, the core personal consumption expenditures price index grew by 0.2%, as predicted by Dow Jones’ panel of economists. On an annualized basis, core PCE increased 2.8%, somewhat above experts’ 2.7% estimate.

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According to Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, “this week’s most crucial economic data came and went without straying much from expectations.” He also added that the news caused the market to exhale in relief.

The most recent corporate earnings results also caused traders to react. Even though Dell Technologies’ first-quarter results above forecasts, the company nonetheless fell 22%. While developer data platform MongoDB fell almost 25%, cloud security stock Zscaler surged 5.7%. Gap, an apparel store, had a 26% increase.

Source:
https://www.cnbc.com/2024/05/30/stock-market-today-live-updates.html

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