United States Stock Market Indices as of May 16, 2024:
Major Indices:
- S&P 500: Closed above 5,300 for the first time, hitting a record high due to cooler April inflation data.
- Dow Jones Industrial Average (DJIA): Nearing the 40,000 milestone, up approximately 0.75%.
- Nasdaq Composite: Showed positive gains.
- Russell 2000: Outperformed modestly due to the move lower in yields.
Market Sentiment:
- Optimistic: Investors are optimistic due to the cooler inflation data, which could lead to a pause in interest rate hikes by the Federal Reserve.
- Volatility Low: The VIX (volatility index) is approaching year-to-date lows below 13, indicating low market volatility.
- Trading Activity: Trading activity has increased after the release of the major catalysts (inflation data and retail sales figures).
Additional Information:
- Options Expiration: It’s options expiration day, which could create some volatility if markets break above certain levels.
- NYSE Composite (DJ): Up 0.48%.
- NYSE U.S. 100 Index: Up 0.20%.
- NYSE FANG+ Index: Up 1.09%.
Resources:
- CNBC U.S. Markets: https://www.cnbc.com/us-markets/
- NYSE: https://www.nyse.com/index
- Markets Insider: https://markets.businessinsider.com/index/dow_jones
Disclaimer:
Stock market conditions can change rapidly. Please consult with a financial advisor before making any investment decisions.
I hope this information is helpful!
Fed Bank of New York President Williams said he still needs more evidence to adjust interest rates. On the earnings front, shares of Deere & Company fell more than 2% after the company cut its full-year earnings outlook. Cisco was also lower (-1.7%) despite upbeat quarterly results. Walmart on the other hand, rose 6.6% after its results topped analysts estimates. Meanwhile, meme-stocks GameStop (-17.7%) and AMC Entertainment (-10%) declined for a second day. Among megacaps, Microsoft, Apple, Nvidia, Amazon and Alphabet were all about 0.5% higher.
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