Traders work on the floor of the New York Stock Exchange on January 29, 2024.
Spencer Pratt | Getty Images
of Nasdaq Composite Index It rose to a new high on Tuesday. NVIDIAThe gains gave the tech-heavy index some upward momentum on an otherwise lackluster trading day.
The Nasdaq rose 0.5%, topping 17,000 for the first time in history. S&P 500 It was almost flat, but Dow It fell 223 points, or 0.5 percent.
NVIDIA Stocks rose more than 6%, extending last week’s gains, while the blue-chip Dow was pressured with a drop of more than 2%. Merck.
The moves came at the end of a strong month that saw all three major indexes set new records in May. Sentiment was boosted by weak inflation readings earlier this month and a better-than-expected quarterly profit report, with the former suggesting the Federal Reserve may cut interest rates sooner than investors expected. The Dow rose about 3%, while the S&P 500 and Nasdaq rose more than 5% and 8%, respectively.
“We may see some volatility this week after the long weekend,” said Larry Tentarelli, founder of Blue Chip Daily Trend Report. “But overall I think the market is bullish.”
Minneapolis Fed President Neel Kashkari said Tuesday he wants to see “many more months” of data showing easing inflation before cutting rates, and said he would not rule out further rate hikes if price pressures rise again.
Looking ahead, investors are gearing up for the April personal income and expenditure report, which includes the PCE inflation rate, due for release on Friday.
