US stocks rise on stable inflation data, Dell struggles, tech stocks drag

From Investing.com: 2024-05-31 15:52:28

U.S. stocks rose Friday on stable inflation data and potential rate cuts. At 15:46 ET, the Dow rose 392 points, the S&P 500 rose 0.4%, and the Nasdaq fell 0.4%. Treasury yields fell as PCE index met expectations, keeping rate cut hopes alive.

Tech stocks drag as Dell slumps on weak earnings. Dell fell 17% due to lower earnings outlook. Despite challenges, UBS backs Dell, expecting AI server demand to continue. Enterprise software stocks also suffer, with MongoDB plunging 24%.

Nordstrom and Gap shine on earnings stage. Nordstrom climbs 5% despite wider Q1 loss. Gap surges 26% after raising sales forecast. Zscaler rises 7% on strong earnings report.

Energy stocks rise despite falling oil prices. OPEC+ set to maintain production curbs. Concerns rise after data shows oil inventories grew 2 million barrels. Demand worries continue despite summer season approaching.



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