Stocks rise on positive corporate news, chip stock rally, and tempered inflation expectations

From Nasdaq: 2024-05-24 18:13:06

US stock indexes closed higher on Friday, with the S&P 500, Dow Jones, and Nasdaq all posting gains. Strong corporate news drove the broader market up, with Deckers Outdoor and Ross Stores seeing significant increases. Chip stocks rallied, led by Nvidia’s surge. Bond yields gave up early gains as consumers tempered inflation expectations. Overseas stock markets settled lower. T-notes were little changed. European government bond yields were mixed. ECB officials made comments on borrowing costs and inflation. Earnings results remain positive, with a majority of S&P 500 companies beating estimates. 

Stock movers for the day included Deckers Outdoor, Ross Stores, Qualcomm, Super Micro Computer, AMD, Nvidia, Micron Technology, ASML Holding NV, Marvell Technology, Dell Technologies, International Paper, Booz Allen Hamilton Holding, DuPont de Nemours, and Apple. Losers included Intuit, Workday, Salesforce, Exact Sciences, Elevance Health, Centene, Molina Healthcare, UnitedHealth Group, Cigna Group, and Cintas. 

The day also saw reports from Box Inc, Cava Group Inc, Digital Turbine Inc, Golar LNG Ltd, HEICO Corp, Hibbett Inc, Nano-X Imaging Ltd, Ocean Biomedical Inc, Ooma Inc, and Urban One Inc. Information and data in this article is for informational purposes only, with the author having no positions in securities mentioned. The views expressed are solely those of the author.



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