From Nasdaq: 2024-05-29 03:32:00

Wall Street closed mixed on Tuesday as market participants assessed the Fed’s decision on interest rates for 2024. The Nasdaq surged while the Dow dropped. The S&P 500 ended flat. The Dow lost 216.73 points, Nasdaq climbed above 17,000, while the S&P 500 gained 1.32 points.

The Philadelphia Semiconductor Index (SOX) rose 1.9% on stellar earnings by NVIDIA, boosting other semiconductor stocks like Micron, AMD, and QUALCOMM. NVIDIA saw a 7% stock price surge. Expectations of Fed rate cuts in November and December are now less likely.

Consumer confidence beat estimates in May, with the Present Situation and Expectations sub-indexes rising. Home prices saw a 6.5% annual gain in March. Get insights on 5 potential stock picks set to double in 2024, handpicked by Zacks experts. Grab the free report for potential home runs.



Read more at Nasdaq: Stock Market News for May 29, 2024