S&P 500 ends near flat but index posts biggest weekly gain of year
- $FedEx (FDX.US)$ jumps on Q3 profit beat
- $Nike (NKE.US)$ falls after revenue forecast disappoints
- Indexes: $Dow Jones Industrial Average (.DJI.US)$ down 0.77%, $S&P 500 Index (.SPX.US)$ down 0.14%, $Nasdaq Composite Index (.IXIC.US)$ up 0.16%
- $Nike (NKE.US)$ falls after revenue forecast disappoints
- Indexes: $Dow Jones Industrial Average (.DJI.US)$ down 0.77%, $S&P 500 Index (.SPX.US)$ down 0.14%, $Nasdaq Composite Index (.IXIC.US)$ up 0.16%
What a week for the markets!
The S&P 500 stayed relatively flat on Friday, but it scored its largest weekly gain of 2024. The Federal Reserve stuck with its projections for three interest rate cuts by year's end, which surely impacted the mood. The Nasdaq and semiconductor index saw slight gains today, driven by continued excitement over artificial intelligence. However, the Dow didn't have such luck, ending the day down. Exciting times ahead!
On Friday, consumer discretionary shares edged lower.
Shares of Nike ( $Nike (NKE.US)$ ), opens new tab fell 6.9%, a day after the world's largest sportswear maker warned that revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage.
Shares of Nike ( $Nike (NKE.US)$ ), opens new tab fell 6.9%, a day after the world's largest sportswear maker warned that revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage.
Lululemon Athletica ( $Lululemon Athletica (LULU.US)$ ), opens new tab shares fell 15.8% after the company forecast annual revenue and profit below expectations.
Traders now see about a 71% chance of the first rate cut hitting in June versus 56% at the start of this week, according to the CME's FedWatch Tool.
The Dow Jones Industrial Average ( $Dow Jones Industrial Average (.DJI.US)$ ), opens new tab fell 305.47 points, or 0.77%, to 39,475.90, the S&P 500 ( $S&P 500 Index (.SPX.US)$ ), opens new tab lost 7.35 points, or 0.14%, to 5,234.18 and the Nasdaq Composite ( $Nasdaq Composite Index (.IXIC.US)$ ), opens new tab gained 26.98 points, or 0.16%, to 16,428.82.
The Dow Jones Industrial Average ( $Dow Jones Industrial Average (.DJI.US)$ ), opens new tab fell 305.47 points, or 0.77%, to 39,475.90, the S&P 500 ( $S&P 500 Index (.SPX.US)$ ), opens new tab lost 7.35 points, or 0.14%, to 5,234.18 and the Nasdaq Composite ( $Nasdaq Composite Index (.IXIC.US)$ ), opens new tab gained 26.98 points, or 0.16%, to 16,428.82.
For the week, the S&P 500 gained 2.3% in its biggest weekly percentage advance since mid-December. The Dow climbed 2%, also its biggest weekly gain since mid-December, while the Nasdaq rose 2.9%, its biggest weekly percentage jump since mid-January.
Among the day's gainers, FedEx ( $FedEx (FDX.US)$ ), opens new tab jumped 7.4%, a day after the company beat Wall Street expectations for quarterly profit.
On the flip side, Digital World Acquisition ( $Digital World Acquisition Corp (DWAC.US)$ ), opens new tab fell 13.7% after shareholders of the blank-check firm voted to approve its merger with former U.S. President Donald Trump's media and technology company.
Volume on U.S. exchanges was 9.45 billion shares, compared with the 12.34 billion average for the full session over the last 20 trading days.
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