Nasdaq hit record high, Dow drops due to JPMorgan

From Yahoo Finance: 2024-05-20 19:30:58

US stocks closed mixed on Monday, with the Nasdaq Composite reaching a record high while the Dow Jones Industrial Average fell below 40,000 for the first time after hitting a record high on Friday. The S&P 500 rose slightly as investors await the Federal Reserve’s decision on interest rates despite words of caution from policymakers. Nvidia’s highly anticipated earnings later this week could be a key catalyst for the stock market rally. Meanwhile, JPMorgan shares dropped over 4% following CEO Jamie Dimon’s hint at an earlier retirement than expected. Commodity prices, including copper and gold, surged to record highs on Monday. Microsoft also announced new Copilot+ PCs featuring AI technology. Bitcoin rose above $68,000 per token, reaching a level not seen in over a month.

Microsoft unveiled a new category of PCs called Copilot+ PCs that run on OpenAI’s GPT-4o model and interact with users via text, video, and voice. Microsoft CEO Satya Nadella emphasized the power of AI for PCs and touted the performance of these new devices compared to similar Apple products. The announcement led to a 1% increase in Microsoft shares. Norwegian Cruise Line raised its full-year earnings outlook for the second time in a month due to strong demand and record bookings, causing its stock to surge 8%. Morgan Stanley’s chief investment officer raised his S&P 500 price target by 20% to reflect more positive market sentiment. Li Auto shares dropped 12% after the Chinese electric vehicle maker reported decreased quarterly earnings and missed analyst expectations, leading to a 37% year-to-date decline.



Read more at Yahoo Finance: Nasdaq clinches record close, JPMorgan drags down Dow