Market Looking Flatter After All-Time-Highs | Herd on the Street

Kevin Travers wrote a column · May 17, 2024 23:31

Morning mooers! It is Friday, May 17th, the market is open and chugging away, and generally in the positive. My name is Kevin Travers, I work from home on Fridays and order Jersey City bagels, so here are stories moving the market on this beautiful spring bagel day:

Reddit and OpenAI have announced a partnership to bring the social media platform's content to ChatGPT that sent shares of $Reddit soaring 13%.

$GameStop shares tumbled 25% Friday after disclosing preliminary results that pointed to a sharp year-over-year decline in fiscal first-quarter sales, while the video game retailer said it may sell up to 45 million of its class A shares.

The lowest decliner on the S&P 500 was $eBay, down about 2.5% after announcing a partnership to work with memorabilia firm Collectors PSA.

$Dollar Tree was the lowest decliner on the Nasdaq100, pulling back following a retail sector wide stock climb after $Walmart's earnings.

In Sectors, few stood out more than Internet Retail, up about 1% as a whole led by $Instacart Maplebear +4%, and $JD.com +3%.

Gold and silver futures were climbing, up 1.53% while the US dollar rebounded following hopes for Fed rate cuts. $Crude Oil Futures( for JUL 4) climbed 0.42%, and Bitcoin climbed 2%, leading bitcoin stocks higher.

In a general market recap, just after 11:30 AM EST the $S&P 500 Index (.SPX.US)$ rebounded a bit after falling away from a Wednesday all time high. The index slipped -0.03%. The $Nasdaq Composite Index (.IXIC.US)$ fell 0.03%, and the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.01%. Towards noon, the market was leaning flatter. 6100 equities in the U.S market were advancing, while 5200 fell.

Market Looking Flatter After All-Time-Highs | Herd on the Street

In Macro, Thursday U.S. initial jobless claims declined by 10,000 to 222,000 in the week ending May 11, compared to market estimates of 220,000. On Friday, investors can expect comments from Fed's Daly.

Cleveland Federal Reserve President Loretta Mester on Thursday echoed the sentiments delivered by many central bank officials in recent weeks, saying essentially that if monetary policy isn't broken, don't fix it.

In other words, Mester, like many of her Fed colleagues, believes the current target range for the federal funds rate of 5.25--5.5% puts policymakers in a good position for managing the risks that could play out.

"In my view, the most likely scenario for the overall economy and that of the region is that the current restrictive stance of monetary policy will continue to help moderate growth and labor market conditions and that this moderation will contribute to the further easing of price pressures," Mester said Thursday in a speech prepared for delivery to the Wayne Economic Development Council.

Wednesday, CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.

Tuesday, Producer Price Index numbers came in high, climbing about 0.5% month over month compared to expectations of 0.3%, and core expectations of 0.2%. Powell spoke Tuesday morning, and he said the oft repeated "higher for longer," mantra, despite a PPI print that he called "mixed." This week, investors can expect CPI prints Wednesday.

The $U.S. 2-Year Treasury Notes Yield was 4.79, the $U.S. 10-Year Treasury Notes Yield was 4.39.

yesterday, a user told me not to lump in Bitcon and stocks, but its my job!

Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!

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