Chip stocks boost US stock indexes with consumer confidence rising, mixed overseas markets.

From Nasdaq: 2024-05-28 13:06:33

US stock indexes were mixed, with the Dow at a 2-1/2 week low. Nvidia’s 4% jump boosted chip stocks. May consumer confidence unexpectedly rose, supporting the economy. M&A activity increased, with Energy Transfer LP acquiring WTG Midstream and T-Mobile US buying US Cellular Corp’s operations. Market awaits Apr PCE core deflator data to gauge Fed rate cuts.

Q1 earnings are strong, exceeding estimates. The Conference Board reported a rise in US May consumer confidence and a drop in the Dallas Fed manufacturing outlook survey. The S&P CoreLogic home price index surged 7.38% y/y. Markets are pricing a low probability of a rate cut at the upcoming FOMC meetings.

Overseas markets are down, with European bonds yields rising. The ECB’s CPI expectations eased slightly. ECB officials express confidence in reaching inflation targets. US stock movers include Nvidia, Norwegian Cruise Line, Dell Technologies, Deckers Outdoor, Airbnb, Arcturus Therapeutics, and Insmed. Moderna and Zscaler are among the losers.

Earnings reports on 5/28 include 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. Analysts highlight potential challenges for sports betting companies like DraftKings due to tax increases in Illinois.



Read more at Nasdaq: Stocks See Support from Strength in Chip Stocks