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STOCK MARKET SNAPSHOT FOR 18/05/2024

NASDAQ-Adv: 1,978 Dec: 2,232 NYSE-Adv: 1,803 Dec: 2,172 (Source: Nasdaq)

Wall Street’s main indexes were little changed on Friday as investors took a breather from the week’s rally driven by growing expectations of U.S. interest-rate cuts this year.

The S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab were on course for a fourth straight week of gains, while the blue-chip Dow (.DJI), opens new tab was on track for its fifth weekly advance, supported by strong quarterly results and slowing inflation data that has bolstered the case for rate cuts from the Federal Reserve.

All three main indexes touched record highs on Thursday and the Dow briefly crossed the 40,000 milestone, before reversing gains and closing in the red.

“(Equities) are just trying to sort of digest the past week’s economic data,” said Robert Pavlik, senior portfolio manager at Dakota Wealth.

“People are now looking at the next catalyst. Most likely it’s going to be whether or not the Fed actually cuts. So you got PCE (personal consumption expenditures) coming up, and if that’s below expectations then probably see the market continue to trend higher.”

Traders currently see a 68% chance of the first rate cut in September, according to the CME FedWatch Tool.

Seven of the 11 S&P 500 sectors advanced, with energy shares (.SPNY), opens new tab up 0.7% and leading gains.

At 11:13 a.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab was up 32.14 points, or 0.08%, at 39,901.52, the S&P 500 (.SPX), opens new tab was up 2.32 points, or 0.04%, at 5,299.42, and the Nasdaq Composite (.IXIC), opens new tab was up 7.16 points, or 0.04%, at 16,705.48.

Advanced Micro Devices (AMD.O), opens new tab gained 2.7% after Microsoft (MSFT.O), opens new tab said it plans to offer its cloud computing customers a platform of AMD artificial intelligence chips that will compete with components made by Nvidia (NVDA.O), opens new tab.

Nvidia eased 0.8%, ahead of its quarterly results next week.

Reddit (RDDT.N), opens new tab rose 12.4% on partnering with OpenAI to bring its content to ChatGPT.

GameStop (GME.N), opens new tab shed 27.5% after filing for a mixed-shelf offering and saying it expects first-quarter net sales to drop from a year ago.

The stock is still set for sharp weekly gains, along with fellow retail investor darling AMC Entertainment (AMC.N), opens new tab, on excitement over the social media return of “Roaring Kitty”, who was the central figure in the 2021 meme-stock rally.

Advancing issues outnumbered decliners by a 1.18-to-1 ratio on the NYSE and by a 1.04-to-1 ratio on the Nasdaq.

The S&P index recorded 28 new 52-week highs and one new low, while the Nasdaq recorded 61 new highs and 34 new lows.
Source: Reuters (Reporting by Bansari Mayur Kamdar and Shristi Achar A in Bengaluru; Editing by Varun H K and Devika Syamnath)

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