New York (AFP) – The Nasdaq climbed to a fresh record Tuesday following a choppy session after a smattering of mixed earnings and muted Federal Reserve commentary.
“There really isn’t much economic news to speak of,” said Cresset Capital’s Jack Ablin, who pointed to Wednesday’s earnings report from Nvidia as one of the highlights of the week. Shares of Nvidia rose 0.6 percent.
Fed governor Christopher Waller welcomed last week’s consumer price index report that showed moderating inflation, while adding that “several” months of additional data were needed before interest rates should be cut.
The tech-rich Nasdaq Composite Index finished at 16,832.62, up 0.2 percent for the day and a record for the second straight session. The Dow Jones Industrial Average also advanced 0.2 percent to 19,872.99, along with the S&P 500, which stood at 5,321.41.
Cresset’s Ablin said the stock market is probably “overbought” at this point, adding that, “relative to bonds, the stock market is probably the most expensive it’s been since the financial crisis.”
All three major indices scored records last week following data showing a moderation in inflation.
Among individual companies, Lowe’s dropped 1.9 percent after earnings topped analyst expectations. However, revenues for the home-improvement retailer fell about four percent to $21.4 billion.
Trump Media & Technology Group slumped 8.7 percent after reporting a net loss of $327.6 million in the quarter ending March 31. Disney nudged up 0.1 percent following news the company’s animation studio Pixar is laying off about 14 percent of its staff.
© 2024 AFP
