S&P 500 and Nasdaq Hit Fifth Record Close | Wall Street Today
The market climbed Thursday, while the S&P 500 and Nasdaq closed at their fifth record closing highs in a row.
Just past the closing bell, the $S&P 500 Index(.SPX.US$ climbed 0.23% for the day. The $Dow Jones Industrial Average(.DJI.US$ fell 0.17%, and the $Nasdaq Composite Index(.IXIC.US$ climbed 0.34% after hitting an all-time high. Overall, 4300 equities fell on the U.S. market, while 7500 climbed.
MACRO
Thursday, PPI numbers came in lower than expected, and month-over-month producer prices went negative in May, down -0.2.
Wednesday, investors watched as the FOMC kept interest rates in place and showed off a dot plot that tracked about one rate cut for the remainder of 2024. That morning, CPI data for the month of May showed an unexpected slowdown, with Core CPI coming in at 3.4% Year-over-Year compared to 3.5% estimated. Consumer prices overall remained unchanged month over month, compared to a 0.1% growth expected.
Last week, investors watched labor data that appeared too hot for the possibility of a rate cut. The release of nonfarm payrolls showed employment grew by 100k more jobs in May than in April.
SECTORS
In industries tracked by moomoo, Live Streaming firms were leading gains, up about 4.7%, led by $Bilibili (BILI.US)$ that climbed about 7%. Apple Supplier companies also traded higher, led by Broadcom after earnings.
Gold and silver fell 87 bips, silver fell 2.38%. Crude oil futures climbed 0.67%. Bitcoin fell about 2.3%.
MOOVERS
$Dave & Buster's Entertainment (PLAY.US)$ fell 10% after the company reported first-quarter revenue of $588 million, falling short of expectations.
$Tesla (TSLA.US)$ climbed 4% after CEO Elon Musk shared a screenshot and said that his $56 billion pay package along a proposal to relocate the company's incorporation to Texas, was poised to pass in a shareholder vote.
$Broadcom (AVGO.US)$ climbed 14%, the highest on the S&P 500, after the company reported earnings and revenue that exceeded expectations and announced a 10-for-1 stock split. The firm reported an EPS of $10.96, on revenue of $12.49 billion. The stock hit an all-time high.
$Paramount Global-B (PARA.US)$ was the lowest decliner on the S&P 500, down about 5% after a WSJ report that Skydance Media and Redstone talks to merge and give Skydance full control over Paramount failed.
$Signet Jewelers(SIG.US$ shares tumbled over 14% in recent Thursday trading following the company's fiscal Q1 results, with overall sales falling steeper than expected and a downbeat Q2 same-store sales outlook.
$GameStop(GME.US$ climbed 14%, despite the firm's shareholder meeting Thursday that failed to materialize. According to MarketWatch, the live stream never began, and the hosting company said their server crashed after too many users logged in to see the presentation.
$Super Micro Computer(SMCI.US$ climbed 12% in part after the firm introduced several new products and initiatives that have fueled its stock performance. The company launched a 'ready-to-deploy liquid-cooled AI data center' optimized for NVIDIA Corp AI Enterprise software. This innovation accelerates generative AI adoption across various industries, providing significant cost savings and enhanced performance.
Word from the herd: Mooers, what are you watching?
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