Stocks closed higher after late-day rally, with mixed performance across indexes

From Nasdaq: 2024-05-31 18:39:51

US stock indexes closed higher on Friday, with the S&P 500 up +0.80%, Dow Jones up +1.51%, and Nasdaq 100 down -0.01%. The rally reversed earlier losses driven by volatility related to index rebalancing. The April PCE deflator report met expectations, supporting hopes for a Fed rate cut. Tech stocks weakened due to chip stocks and liquidation pressure. Overseas markets closed mixed. Eurozone CPI rose, impacting expectations for ECB rate cuts. Marvell Technology, MongoDB, and Dell fell, while Zscaler and Gap rose. Trump Media & Technology Group declined after court verdict. Earnings reports from Genesco Inc and Mesa Laboratories Inc.



Read more at Nasdaq: Stocks Rally Late to Close Out a Volatile Session