Market Recap: S&P 500 notches its biggest weekly advance since February
U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.
Stocks to watch: $Nike (NKE.US)$ ， $FedEx (FDX.US)$ , $Wells Fargo & Co (WFC.US)$ , $JPMorgan (JPM.US)$ , $Bank of America (BAC.US)$
Market Snapshot
The $S&P 500 Index (.SPX.US)$ rose nearly 0.33% to hit a record closing high of 4,280.70.
The $Dow Jones Industrial Average (.DJI.US)$ added 237.02points, or about 0.69%, to 34,433.84, sitting about 0.69% from its all-time high.
The $Nasdaq Composite Index (.IXIC.US)$ dropped 0.06% to 14,360.39.
The $S&P 500 Index (.SPX.US)$ rose nearly 0.33% to hit a record closing high of 4,280.70.
The $Dow Jones Industrial Average (.DJI.US)$ added 237.02points, or about 0.69%, to 34,433.84, sitting about 0.69% from its all-time high.
The $Nasdaq Composite Index (.IXIC.US)$ dropped 0.06% to 14,360.39.
What drove the market?
Key inflation indicator posts biggest year-over-year gain in nearly three decades
The May core personal consumption expenditures price index, an important inflation gauge for policymakers, rose 3.4% from a year ago, in line with Wall Street estimates.
Biden revokes and replaces Trump executive orders that banned TikTok
President Biden signed an executive order that sets criteria for the government to evaluate the risk of apps connected to foreign adversaries, a move with implications for Chinese-owned sites like TikTok and WeChat.
Which stocks were in focus?
$Nike (NKE.US)$
$Nike (NKE.US)$
Nike's stock surged 15.5%, helping to boost sentiment for the Dow. The company reported earnings and revenue that blew past Wall Street estimates. Digital sales also jumped 41% since last year and 147% from two years ago.
FedEx dipped 3.6% despite beating on the top and bottom lines of its earnings. FedEx also gave a strong yearly outlook.
Virgin shares soared 38% after it announced the Federal Aviation Administration has given it the green light to fly paying customers into space. It's the first such license approved by the FAA. The company has about 600 ticket reservations for future flights that sold at between $200,000 and $250,000 each.
The security and communications software maker saw its shares fell 4.4% after it reported a loss in its quarterly earnings. Blackberry reported better-than-expected revenue, helped by a boost in electric vehicle sales, which increased demand for the company's QNX software. Bank of America also upgraded the stock to a buy.
Bank shares jumped after the Federal Reserve announced the banking industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained “well above” minimum required capital levels during a hypothetical economic downturn.
Wells Fargo climbed 2.6%. JPMorgan and Bank of America both rose more than 1%.
Source: Bloomberg, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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