Tech Still Hitting Highs, Market Flat | Herd On Wall Street
Morning mooers! Happy Tuesday, May 28th. The market is open after a three-day holiday in memory of those who gave their lives for the U.S. The Nasdaq broke records Tuesday, jumping over 17k for the first time.
My name is Kevin Travers, the moomoo news team is working remotely this week, and here are stories from the herd on Wall Street today:
$NVIDIA (NVDA.US)$ hit fresh highs Tuesday, up 4% 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 7%. The firm hit its highest closing price last week, and the pullback breaks a ten-day winning streak.
$Insmed (INSM.US)$ was the highest gainer on the market above $1B in market cap, climbing 106% after the NJ-based pharmaceutical company posted results from a late-stage lung disease study.
In sectors, Nvidia helped push Semiconductors up 2.4%. The best performing industry was Real Estate Development, with names like $Logistic Properties Of The Americas (LPA.US)$ climbing 52%.
$Crude Oil Futures(JUL4) (CLmain.US)$ climbed 2%, with an OPEC meeting scheduled for next week. Gold climbed 0.12%, while Silver prices climbed 0.46%. Bitcoin climbed fell 2%.
As a general recap, the market was advancing on Tuesday, but turning flatter. Just before 11 AM EST, the$S&P 500 Index traded up 0.07%, the $Dow Jones Industrial Average fell about 0.34%, and the $Nasdaq Composite Index climbed 0.46%.
By direction, 5800 equities climbed while 5300 declined.
This week in macro, investors will watch numerous Fed speeches, the Fed Beige book that summarizes the economic activity across each Federal Reserve Region Wednesday, and the Personal Consumption Index inflation gauge on Friday.
Tuesday, investors can look for comments from Fed's Mester.
Last week the FOMC meeting minutes from the April 30-May 1 showed that members felt uncertain 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 $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.93, and the$U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed to 4.49.
Friday, 210 mooers voted that they were interested in Nvidia's stock split coming June 7.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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