| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39,069.59 | 4.33 | 0.01% |
| S&P 500 | 5,304.72 | 36.88 | 0.70% |
| Nasdaq | 16,920.79 | 184.76 | 1.10% |
| VIX | 11.93 | -0.84 | -6.58% |
| Gold | 2,339.30 | 4.90 | 0.21% |
| Oil | 77.77 | 0.05 | 0.06% |
US MARKET
Technology stocks pushed the S&P 500 higher on Friday, closing a rocky week on a positive note. Both the S&P 500 and the Nasdaq Composite rose for a fifth consecutive week, while the Dow Jones Industrial Average’s winning streak ended.
On Friday, the S&P 500 gained 0.7%, and the Nasdaq climbed 1.1% to a new record. The Dow added about 4 points. The S&P 500 is up 11% in 2024 and 5.3% in May. This week, the S&P 500 ended slightly up, and the Nasdaq rose 1.4%.
Some Dow components struggled. Boeing fell 5.6% due to higher-than-expected costs, and Salesforce dropped 4.7%. Home Depot, 3M, and McDonald’s also saw declines.
Investors remain optimistic despite inflation concerns. April’s consumer price report eased fears of an economic downturn. Analysts expect S&P 500 earnings to rise 11% this year and 14% in 2025. Nancy Tengler of Laffer Tengler Investments believes the market is in the early stages of a bull run.
Earnings reports influenced individual stocks. Intuit fell 8.3% due to a decline in free TurboTax users, while Deckers Outdoor surged 14% after strong sales and profits. Ross Stores rose 7.8% following strong earnings. Nvidia continued its rise, gaining 2.6% after a robust earnings report.
Australian shares are set to open higher, with ASX futures up 0.6% or 47 points as of 8:00 am Monday.
In the US, tech stocks boosted the S&P 500 by 0.7% and the Nasdaq by 1.1% on Friday, while the Dow rose slightly by 4 points.
In commodities, Brent crude increased 0.9% to US$82.12 a barrel, and gold edged up 0.2% to US$2,333.83.
In bonds, Australian 2-year yields rose to 4.04%, and 10-year yields to 4.31%. US Treasury yields were mixed, with the 2-year at 4.95% and the 10-year at 4.46%.
The Australian dollar stood at 66.24 US cents, and the Wall Street Journal Dollar Index was down to 99.52.