Account Info
Log Out
Log in to access Online Inquiry
Back to the Top
Weekly Buzz
Views 202K Contents 572

Market Finally Pulling Back after Nvidia Led Tech Rally | Herd on Wall Street

Kevin Travers joined discussion · May 29 09:46
Morning mooers! It's Wednesday, May 29th, The market is trailing into decline after one more day of tech stock advancement Tuesday that saw the Nasdaq jump over 17k for the first time.
My name is Kevin Travers, the market is so red even $NVIDIA (NVDA.US)$ is finally pulling back, and here are stories heard on Wall Street today:
$American Airlines (AAL.US)$'s stock fell 14% Wednesday after the company cut its performance forecast. It was the lowest decliner on the S&P.
ConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal valued at $17.1 billion that would combine two of America's most recognizable energy companies. The news sent $Marathon Oil (MRO.US)$ to the top of the S&P 500, up 8%. THe news follows other M&A action in the oil sector; last week, Hess shareholders voted to sell the company to Chevron for $53 billion.
$Chewy (CHWY.US)$ shares climbed 27% after the firm posted Q1 revenue that beat estimates, and a stock buyback plan.
In sectors, most of the market was in the red.
Within 'industries' tracked by moomoo, Airlines were lower by 3%, following the AAL news that also tore down $Southwest Airlines(LUV.US)$ -6% and $JetBlue Airways(JBLU.US)$ -4%.
Market Finally Pulling Back after Nvidia Led Tech Rally | Herd on Wall Street
On the flip side, Former President Donald Trump-related Stocks were climbing before the annoucement of a verdict for a jury trial finishing up this week.
Market Finally Pulling Back after Nvidia Led Tech Rally | Herd on Wall Street
Crude Oil Futures(JUL4) (CLmain.US)$ fell 0.34%, with an OPEC meeting scheduled for next week. Gold fell 0.73%, while Silver prices fell 0.37%. Bitcoin fell 1%.
As a general recap, the market was lower on Wednesday. Just after 10:40 AM EST, the $S&P 500 Index traded -0.51%, the$Dow Jones Industrial Average fell about 0.83%, and the $Nasdaq Composite Index fell 0.26%.
By direction, 8700 equities declined while 2300 advanced.
Market Finally Pulling Back after Nvidia Led Tech Rally | Herd on Wall Street
This week in macro, investors will watch numerous Fed speeches. Today, the Fed Beige book summarizes the economic activity across each Federal Reserve Region at 2 PM EST.
Friday, investors will watch for the Personal Consumption Expenditure Index inflation gauge release.
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." Some members said they would be willing to raise rates.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
Sign in to post a comment