From Yahoo Finance: 2024-05-24 11:20:55

Stocks rose as American consumers tempered inflation expectations, leading to optimism for potential Federal Reserve rate cuts. The S&P 500 is on track for its fifth straight week of gains. US stocks will settle in one day instead of two under the T+1 rule. Treasuries were stable after a Fed governor’s comments. Consumers now expect inflation to rise by 3.3% annually, down from earlier estimates of 3.5%. The S&P 500 surpassed 5,300, with the Nasdaq 100 up over 1%. The core PCE deflator is expected to moderate. Elon Musk’s SpaceX is reportedly considering selling shares. Eli Lilly & Co. and Novo Nordisk A/S announced significant developments related to their products. Intuit Inc. faced a decline in TurboTax users, while Lucid Group Inc. plans job cuts in a slowing electric vehicle market. CVS Health Corp. seeks a private equity partner for Oak Street Health. Bayer AG faces lawsuits over Roundup weedkiller. In the markets, the S&P 500, Nasdaq 100, Dow Jones, and MSCI World Index were up. The Bloomberg Dollar Spot Index fell, while Bitcoin rose. Ether declined. Yields on 10-year Treasuries, Germany, and Britain remained stable. Crude oil and gold prices increased.

Elon Musk’s SpaceX is exploring a potential IPO that could value the company at around $200 billion. Eli Lilly & Co. announced a $5.3 billion investment to meet demand for its diabetes and weight-loss treatments. Novo Nordisk A/S reported positive results for its diabetes drug Ozempic in a study relating to kidney disease. Intuit Inc. saw a loss of 1 million TurboTax users of the free service. Lucid Group Inc. is planning to cut around 400 jobs amidst a slowdown in the electric vehicle market. CVS Health Corp. is seeking a private equity partner to support Oak Street Health. Bayer AG’s CEO called lawsuits over Roundup weedkiller an “existential” threat. Stocks, currencies, cryptocurrencies, and bonds saw various fluctuations in the market. Bitcoin and Ether prices changed, while crude oil and gold prices increased.



Read more at Yahoo Finance: Stocks Rebound as Consumers Revise Inflation Path: Markets Wrap