Stock indexes reach record highs fueled by M&A activity, cruise line operators, and earnings outlook

From Nasdaq: 2024-05-20 12:53:26

US stock indexes post gains, with Dow & Nasdaq at record highs. M&A activity drives stocks as SouthState acquires Independent Bank Group for $2billion & CyberArk Software Ltd buys Venafi for $1.54 billion. Cruise line operators rise on boosted earnings outlook. Forbes predicts a +7.1% y/y earnings increase for Q1 in the S&P 500. Markets anticipating Fed rate cut decisions in upcoming FOMC meetings. Overseas markets also up, with Euro Stoxx 50, Shanghai Composite, & Nikkei Stock Index all rising. T-note yields up, influenced by European bond movements & stock rally. Norwegian Cruise Line Holdings, Carnival, & Royal Caribbean Cruises see notable gains. Stocks like Teradyne, Micron Technology, & Nvidia rise after upgrades & price target hikes. Boeing & Johnson Controls International also climb. Hims & Hers Health, Wix.com, Ulta Beauty, Tesla, & Target see varied movement after news announcements and reports. Phillips 66 drops on balance sheet concerns. Earnings reports upcoming from Keysight Technologies, Nordson Corp, Palo Alto Networks, & Zoom Video Communications on 5/20/2024.



Read more at Nasdaq: Stocks Climb with the Dow Jones Industrials and Nasdaq 100 Posting Record Highs