Nasdaq hits record high above 17,000, with S&P 500 up but Dow down

From Investing.com: 2024-05-28 20:35:42

The Nasdaq crossed 17,000 for the first time ever, led by Nvidia’s 7% surge, lifting chip stocks. S&P 500 tech shone, but healthcare and industrials lagged. The Dow fell as Treasury yields hit multi-week highs after weak auctions. Investors await U.S. inflation data amid Fed rate cut bets and Apple’s China surge boosts.

Stocks dipped as Treasury yields climbed, signaling worries about economic impact and Fed rate cut expectations. Apple’s China sales surge lifted shares, but overall markets were mixed. Retail sector earnings reports and Apple’s performance were in focus. GameStop shares soared and Hess and Chevron merger approved and boosted shares.

Expectations for Fed rate cuts have fluctuated, with odds above 50% for cuts in November and December. U.S. trading shifts to shorter settlement, aimed at reducing risk but may increase temporary transaction failures. Hess shareholders approved Chevron merger, while GameStop, Apple and chip stocks drove market movements.



Read more at Investing.com: Nasdaq closes above 17,000; S&P 500 slightly higher, Dow down By Reuters