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Dow tops 40,000 for the first time: Will the U.S. market rally march on?
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Nasdaq, S&P 500 Soar in Final Minutes Despite Selloff in Tech Megacaps | Wall Street Today

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Moomoo Recap US joined discussion · May 31 15:26
Nasdaq, S&P 500 Soar in Final Minutes Despite Selloff in Tech Megacaps | Wall Street Today
Stocks traded volatilely Friday as Wall Street marked May's final market day, but the main indexes ended the session higher as investors moved their focus off of tech and into other sectors.
The S&P 500 fell nearly 1% earlier the session due to a tech-sector selloff, but then rebounded -- ultimately allowing the index to end May with its best monthly gain since February.
The $S&P 500 Index(.SPX.US)$ rose 0.8% for Friday and 4.8% for May as a whole.
Meanwhile, the blue-chip $Dow Jones Industrial Average(.DJI.US)$ ended higher by 574 points, or 1.5% -- its best day so far in 2024. Still, the technology-heavy $Nasdaq Composite Index(.IXIC.US)$ finished about flat.
MACRO
Figures released Friday morning showed that the Personal Consumption Expenditures Price index -- the Federal Reserve's favorite measure of U.S. inflation -- slowed down its rise in April.
The so-called "core" PCE -- which excludes food and energy prices -- went up by 0.2% in April, in line with economists' forecasts.
The core PCE moderated as consumers spent less, potentially supporting plans by the Fed to eventually lower interest rates. However, Fed officials are unlikely to cut rates until they see more evidence of tame inflation.
The PCE report showed that consumer spending unexpectedly dropped by 0.1% after adjusting for inflation, due to lower spending on goods and weaker spending on services.
MOOVERS
$Dell Technologies(DELL.US)$ shares dropped 17.9% after the company discussed emerging pressure on margins despite reporting Thursday after the bell that it saw better-than-expected Q1 revenue.
$Trump Media & Technology(DJT.US)$ stock sank 5.3% after founder and former President Donald Trump was found guilty late Thursday on all 34 counts of falsifying business records in a hush-money trial.
$MongoDB(MDB.US)$ fell 23.9% after giving disappointing forecasts late Thursday for its second quarter and the rest of the company's fiscal year.
$Ambarella(AMBA.US)$'s first-quarter revenue dropped 12% from last year, but the stock surged 20.6% after CEO Fermi Wang said the company is starting to see AI technology spreading at the network edge, which should lead to revenue growth.
$Marvell Technology(MRVL.US)$ fell 10.5% as the company posted first-quarter revenue with a 12% drop from last year. Also, other parts of Marvell's business faced challenges.
$VF Corp(VFC.US)$ -- owner of The North Face, Vans, and Timberland clothing brands -- saw its stock rise 7.7% after appointing Michelle "Sun" Choe as global brands president of Vans.
SECTORS
Oil futures fell as traders await Sunday's OPEC+ meeting.
After the US holiday on Monday, oil prices fluctuated within a $3 range amid low trading activity. West Texas Intermediate dropped to around $77 a barrel, influenced by overall market trends rather than specific factors affecting oil.
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