Nasdaq closes at all-time high while Dow pulls back
US stocks were mixed on Tuesday, 28 May 2024, with the S&P500 and the Nasdaq closing slightly higher as Nvidia climbed to a record high, while the Dow settled in negative territory, on caution ahead of inflation data later in the week for clarity on the interest rate outlook.The Commerce Department is due to release its report on personal income and spending in the month of April, which includes readings on inflation said to be preferred by the Federal Reserve. The inflation data could have a significant impact on the outlook for interest rates ahead of the Fed's next monetary policy meeting on June 11-12.
At closing bell, the Dow Jones Industrial Average index declined 216.73 points, or 0.55%, to 38,852.86. The S&P500 index added 1.32 points, or 0.02%, to 5,306.04. The tech-heavy Nasdaq Composite index increased by 99.09 points, or 0.59%, to 17,019.88, eclipsing the 17,000 level for the first time ever.
Total 8 of 11 S&P500 sectors closed lower. Information technology and energy sectors were top performers, rising 1.38% and 1.08%, respectively. Industrials and healthcare sectors were worst performers, each falling 1.3%.
Shares of Nvidia surged 7.1% after the company reported better than expected fiscal first quarter results and provided upbeat guidance. The AI Company also announced 10-for-1 stock split and increased its quarterly cash dividend by 150% to $0.10 per share.
ECONOMIC NEWS: The Conference Board released a report showing consumer confidence index jumped to 102.0 in May from an upwardly revised 97.5 in April.
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US House Prices Rise 6.6% On Year- U.S. house prices rose 6.6 percent between the first quarter of 2023 and the first quarter of 2024, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI). House prices were up 1.1 percent compared to the fourth quarter of 2023. FHFAs seasonally adjusted monthly index for March was up 0.1 percent from February.
US CB Consumer Confidence Rebounds In May- Consumer confidence in the U.S. unexpectedly saw a significant improvement in the month of May, according to a report released by the Conference Board on Tuesday. The Conference Board said its consumer confidence index jumped to 102.0 in May from an upwardly revised 97.5 in April. The unexpected increase by the headline index came as the present situation index rose to 143.1 in May from 140.6 in April. The expectations index also surged to 74.6 in May from 68.8 in April, although a reading below 80 usually signals a recession ahead.
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