Tech is Hitting Highs, But the Market Was Red | Wall Street Today

Moomoo Recap US joined discussion · May 29, 2024 04:07

Tech is Hitting Highs, But the Market Was Red | Wall Street Today

The Nasdaq broke records Tuesday, jumping over 17k for the first time before pulling back following a three-day break for Memorial Day. The index hit an all-time closing high of 17,019. Still, by the numbers, about 2,000 more equities were declining than climbing.

Just after the close at 4 PM EST, the $S&P 500 Index traded up 0.03%, the $Dow Jones Industrial Average fell about 0.655%, and the $Nasdaq Composite Index closed up 0.59%.

MACRO

This week in macro, investors will watch numerous Fed speeches, the Fed Beige book summarizing the economic activity across each Federal Reserve Region Wednesday, and the Personal Consumption Index inflation gauge on Friday. In market-related news, the SEC implemented a "T+1" settlement structure Tuesday, meaning stocks and equity trades will settle the day after they are made, after sitting at two days settlement since 2017, and three days before.

Minneapolis Fed President Neel Kashkari said on Tuesday that the Federal Reserve is ready to hold interest rates steady for as long as it takes to bring inflation down to its 2% annual target, and it could even increase them should price growth appear to be reaccelerating.

"I've been asked many times when we take potential interest rate increases off the table," Kashkari said, speaking at the Barclays-CEPR International Monetary Policy Forum in London. "I don't think anybody has formally taken them off the table."

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." Participants said interest rates would stay put unless inflation numbers were clearly at 2%, or the labor market clearly weakens. Some members said they would be willing to raise rates.

The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed to 4.97, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ 4.54.

SECTORS

In sectors, Nvidia helped push Semiconductors up 3.3%. The best performation industry was Real Estate Development, with names like $Logistic Properties Of The Americas (LPA.US)$ climbing 52%.

$Crude Oil Futures(MAY5) (CLmain.US)$ climbed 2%, with an OPEC meeting scheduled for next week. Gold climbed 0.12%, while Silver rallied to a fresh 11-1/2-year high Monday, taking silver-mining stocks along as investors look to the metal as an inflation hedge and a material for eco-friendly electrical equipment.

Silver futures for July delivery rose 6.4% to $32.45 – the contract’s highest price since November 2012.

That drove several silver companies’ stocks higher, like $Endeavour Silver (EXK.US)$ +9%, $Pan American Silver (PAAS.US)$, up 6%, and $First Majestic Silver (AG.US)$ +4%.

Bitcoin fell 1.5%.

MOOVERS

$NVIDIA (NVDA.US)$ hit fresh highs Tuesday, up 6% in part after XAI, Elon Musk's AI startup, announced a fundraising round and plans to build a supercomputer. The stock was the highest gainer on the S&P 500.

$Moderna (MRNA.US)$ was the lowest decliner on the S&P 500, down about 8%. The firm hit its highest closing price last week, and the pullback breaks a ten-day winning streak.

$Celsius Holdings (CELH.US)$ shares saw the stock's worst day in a year after new reports suggest the latest Nielsen data could negatively impact the stock. According to media reports citing a note from Morgan Stanley analyst Dara Mohsenian, Celsius' sales growth and market share are moving in the wrong direction in recent weeks.

$Insmed (INSM.US)$ was the highest gainer on the market above $1B in market cap, climbing 106% intraday after the NJ-based pharmaceutical company posted results from a late-stage lung disease study.

$HubSpot (HUBS.US)$ traded 9% higher Tuesday as investor's digest reports that Google parent $Alphabet-C (GOOG.US)$ will acquire the company in an all-stock deal.

$Hess Corp (HES.US)$ traded higher after of the news that shareholders approved a merger with $Chevron (CVX.US)$

WORD FROM THE HEARD: Mooers, what are you watching?
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