Market Finally Pulling Back after Nvidia Led Tech Rally | Herd on Wall Street
Morning mooers! It's Wednesday, May 29th, The market is trailing into decline after one more day of tech stock advancement Tuesday that saw the Nasdaq jump over 17k for the first time.
My name is Kevin Travers, the market is so red even $NVIDIA (NVDA.US)$ is finally pulling back, and here are stories heard on Wall Street today:
$American Airlines (AAL.US)$'s stock fell 14% Wednesday after the company cut its performance forecast. It was the lowest decliner on the S&P.
ConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal valued at $17.1 billion that would combine two of America's most recognizable energy companies. The news sent $Marathon Oil (MRO.US)$ to the top of the S&P 500, up 8%. THe news follows other M&A action in the oil sector; last week, Hess shareholders voted to sell the company to Chevron for $53 billion.
$Chewy (CHWY.US)$ shares climbed 27% after the firm posted Q1 revenue that beat estimates, and a stock buyback plan.
In sectors, most of the market was in the red.
UPADATE 11:13 AM:
Within 'industries' tracked by moomoo, Airlines were lower by 3%, following the AAL news that also tore down $Southwest Airlines(LUV.US$ -6% and $JetBlue Airways(JBLU.US$ -4%.
On the flip side, Former President Donald Trump-related Stocks were climbing before the annoucement of a verdict for a jury trial finishing up this week.
Crude Oil Futures(JUL4) (CLmain.US)$ fell 0.34%, with an OPEC meeting scheduled for next week. Gold fell 0.73%, while Silver prices fell 0.37%. Bitcoin fell 1%.
As a general recap, the market was lower on Wednesday. Just after 10:40 AM EST, the $S&P 500 Index traded -0.51%, the$Dow Jones Industrial Average fell about 0.83%, and the $Nasdaq Composite Index fell 0.26%.
By direction, 8700 equities declined while 2300 advanced.
This week in macro, investors will watch numerous Fed speeches. Today, the Fed Beige book summarizes the economic activity across each Federal Reserve Region at 2 PM EST.
Friday, investors will watch for the Personal Consumption Expenditure Index inflation gauge release.
Last week the FOMC meeting minutes from the April 30-May 1 meeting showed that members felt uncertainty in the possibility that "high interest rates may have smaller effects than in the past." Some members said they would be willing to raise rates.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed to 4.93, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ 4.47.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Moo moo News and Community Manager, NJ Office.
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Ka•ching : it's not summer yet...
RDK79 Ka•ching: It is somewhere :)
Matt the Man : summer my ass this has been all year
ColumbusGuy : Time for everyone to panic sell and for me to further burry myself lol!
Joey Bagadonuts : cool
M treezy : Stock market summer is here
Autism : Yes
Kevin TraversOP Ka•ching: Only for some people
DrBaMo : Can't wait to see what happens
GangNibba : Ayooooo
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