From wtop: 2024-05-31 05:11:15

U.S. stocks stagnated as investors awaited news on interest rates. S&P 500 remained steady, Dow Jones up 0.1%, while Nasdaq saw a 0.2% dip. Gap’s stock surged by 20.6% post-strong earnings report, while Dell’s stock tumbled 18.2% despite meeting profit expectations. Trump Media sank 5.8% following Trump’s conviction on 34 felony charges.

The S&P 500 may face its first losing week in six, partially due to rising Treasury yields. Report revealed 2.7% inflation rate in line with forecasts, easing concerns. Fed’s main interest rate cut is anticipated. Businesses need to adapt to cautious consumer spending patterns. Market expectations show an 83% chance of a Fed rate cut by year-end.

Ulta Beauty shares rose 1.2% post-profit beat, adjusted sales outlook. Nordstrom’s mixed results with increased expenses due to theft. MongoDB saw a stock decline despite profit exceedance, lowered profit forecasts disappointing investors. Asian and European markets had mixed results. Tokyo’s Nikkei 225 rose by 1.1%, Hong Kong’s Hang Seng fell by 0.8%.



Read more at wtop: Stock market today: Wall Street drifts after inflation report offers no big surprises