Stocks Hit Record Highs as Fed’s Waller Says Rate Cuts Possible at Year's End | Wall Street Today
Stocks rose on Tuesday, with the S&P 500 and Nasdaq Composite reaching fresh record highs. Investors are now awaiting Nvidia’s earnings on Wednesday: the fan favorite in the artificial intelligence sector caps the last of the Mag Seven to report.
The tech-heavy $Nasdaq Composite Index(.IXIC.US$ rose 0.22%. The $Dow Jones Industrial Average(.DJI.US$ closed 0.17% higher, and the $S&P 500 Index(.SPX.US$ added 0.25%.
MACRO
Federal Reserve Governor Christopher Waller said on Tuesday that if economic data continues to weaken over the next three to five months, the central bank might consider lowering interest rates by the end of 2024.
Besides, JPMorgan's Marko Kolanovic doubled down on his negative stance on U.S. equities, shortly after Morgan Stanley's Mike Wilson gave up his bearish outlook. He expects the S&P 500 to hit 4,200 by December from the current level of over 5,300.
SECTORS
Oil prices dropped, staying close to three-month lows, as market indicators showed weakness. However, futures have been stable as traders wait for the next big event to move the market.
MOOVERS
Shares of $Peloton Interactive(PTON.US$ slumped 16% on Tuesday after the company refinanced its debt to get access to $1.4 billion in credit.
$XPeng(XPEV.US$ expected vehicle deliveries to rise in the second quarter after narrowing its first-quarter net loss thanks to higher sales and better profit margins. The shares were up 5.9%.
$GameStop(GME.US$ shares fell 4%. Investors lost $13.1 billion in the three days after GameStop's high on May 14, which is nearly twice the company's current market value of $7 billion.
$Microsoft(MSFT.US$'s stock closed up 0.8% near its record close Tuesday driven by momentum related to the company's latest artificial-intelligence announcements.
Source: Bloomberg, MarketWatch
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webguybob : Just in time for the election. I'm skeptical.
Malik ritduan : finest
DudeThatsDerpy : "He expects the S&P 500 to hit 4,200 by December from the current level of over 5,300." I'm guessing that was supposed to say 6,200?