Market Climbs At Low Volume Before Holiday Weekend | Herd on Wll Street
Monring mooers! It is Friday, May 24th, the eve of Memorial Day weekend here in the U.S. The tech sector is in the green, the market is climbing. My name is Kevin Travers, I am writing from the beach today: here are stories moving the market.
$Magnite (MGNI.US)$ climbed about 14% after a Bank of American Research upgrade to buy. The stock was the highest advancer on the S&P 500.
$Intuit (INTU.US)$ was the lowest decliner on the S&P after the firms earnings and revenue beat estimates Thursday night, but guidance did not impress investors.
$Workday (WDAY.US)$ was falling 13% after the firm cut its guidance during its Q1 earnings call. It was the lowest decliner on the Nasdaq 100.
Shares of $Ross Stores (ROST.US)$ were trading sharply higher by 8% Friday after the discount retailer easily beat quarterly estimates and lifted guidance. It was the highest gainer on the Nasdaq 100.
Aside from roaring Semiconductors, Internet Content companies were climbing, up about 1% lead by a 5% climb in Opera.
$Crude Oil Futures(JUL4) (CLmain.US)$ climbed 0.88%, Gold climbed 0.43%, while Silver prices climbed 1.14%. Bitcoin climbed 0.38%.
As a general recap, the market was overall advancing Friday. Shortly after 10:30 AM EST, the $S&P 500 Index traded +0.51%, the $Dow Jones Industrial Average climbed about 0.10%, and the $Nasdaq Composite Index climbed 0.74%. By direction, 7500 equities climbed while 3200 declined.
In macro, Michigan economic sentiment data showed consumers expect inflation to climb at 3.3% in a year, and 3% in five years. The numbers were higher than last months expectations.
Thursday, investors gauged S&P PMI numbers that came in generally higher with 50.9 in manufacturing, and 54.4 in Services. Initial jobless claims came in lower than last week, at 215k. The small drop kept treasuries and inflation expectations high.
In the most recent meeting minutes released Wednesday, many FOMC members during their April 30-May 1 meeting, said "high interest rates may have smaller effects than in the pas." Participants said interest rates would stay put unless inflation numbers were clearly at 2%, or the labor market clearly weakens. Members said they would be willing to raise rates if "risks to inflation materialize in a way that such an action became appropriate."
This week investors will also watch numerous Fed speeches. Federal Reserve Governor Christopher Waller said on Tuesday thatthe central bank might consider lowering interest rates by the end of 2024.
Monday Morning, Fed Vice Chair Jefferson said its too early to tell if disinflation was working. Cleveland Fed President Loretta Mester said her three cut plan was too many. Last week, Wednesday CPI numbers for April came in right at expectations.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed to 4.93, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ 4.47.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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RDK79 : Enjoy the beach and the long-weekend ! Happy Memorial Day!!
RDK79 : Not a fan of headlines implying 3-4% inflation is ‘high’… But seems to be the desired ‘fear’ technique, to grab headlines and keep chaos churning.