From Yahoo Finance: 2024-05-31 17:13:24

The Dow Jones Industrial Average soared 575 points on Friday, wrapping up a strong month of May alongside other US averages. April’s PCE inflation data landing within expectations has sparked discussions on the possibility of higher interest rates lingering. Yahoo Finance Markets Reporter Josh Schafer breaks down the key takeaways from the trading day on May 31. Tech stocks saw a pause after a strong May, with the NASDAQ down over 1% at one point. City strategist Scott Kroner notes that in the high-price environment, beating and raising earnings expectations is crucial to avoid stock pressure. Bank of America Strategist Michael Hartnett highlights the difference between S&P 500 market cap weighted and equal weight indexes, showing signs of broadening. Inflation slowed with the PCE print revealing the lowest monthly increase since 2024, indicating the need for more positive data before discussing rate cuts.



Read more at Yahoo Finance: Dow jumps, April PCE, interest rates: Market Takeaways