Tags: stocks | nasdaq | 17 | 000

Nasdaq Closes Above 17,000 for the First Time

Nasdaq Closes Above 17,000 for the First Time
Traders on the floor of the New York Stock Exchange (Angela Weiss/Getty Images)

Tuesday, 28 May 2024 04:07 PM EDT

The Nasdaq crossed 17,000 for the first time ever on Tuesday, boosted by gains in Nvidia, while the S&P 500 closed slightly higher and the Dow slightly lower as Treasury yields rose.

Nvidia shares boosted shares of other chip stocks as traders returned from a holiday-extended weekend.

Stocks lost ground in the afternoon as U.S. Treasury yields climbed to multi-week highs after weak debt auctions.

According to preliminary data, the S&P 500 gained 2.49 points, or 0.05%, to end at 5,307.21 points, while the Nasdaq Composite gained 101.71 points, or 0.60%, to 17,022.50. The Dow Jones Industrial Average fell 214.30 points, or 0.55%, to 38,855.29.

Investors awaited U.S. inflation data this week that could sway expectations for Federal Reserve rate cuts.

The U.S. core Personal Consumption Expenditures Price Index report for April is due later this week. The Fed's preferred inflation barometer is expected to hold steady on a monthly basis.

S&P 500 technology led gains among sectors, while healthcare was the biggest decliner.

"It’s all about technology and the winners continue to be the winners, specifically Nvidia," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Wall Street has been hitting records recently as investors bet the U.S. central bank could kick off interest-rate cuts this year.

Expectations for the timing of rate cuts have see-sawed, with policymakers wary as data still reflects sticky inflation.

Odds of a rate reduction of at least 25 basis points stand above the 50% mark only for the months of November and December this year, according to the CME FedWatch Tool. The odds of a September rate cut fell to around 46% from over 50% a week ago.

The retail sector will also be in focus this week, with several retailers like Dollar General, Advance Auto Parts and Best Buy due to report results.

U.S. trading moves to a shorter settlement on Tuesday, which regulators hope will reduce risk and improve efficiency, but is expected to temporarily increase transaction failures for investors.

Apple shares rose after iPhone sales in China surged 52% in April from a year earlier, Reuters calculations based on industry data showed. But the stock pared gains late and closed nearly flat.

GameStop shares shot up. Late on Friday, the videogame retailer said it had raised $933 million by selling 45 million shares as part of an "at-the-market" offering.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
The Nasdaq crossed 17,000 for the first time ever on Tuesday, boosted by gains in Nvidia, while the S&P 500 closed slightly higher and the Dow slightly lower as Treasury yields rose.
stocks, nasdaq, 17, 000
394
2024-07-28
Tuesday, 28 May 2024 04:07 PM
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