Stocks hit record highs, fueled by expectations of Fed rate cut, mixed Asian markets.

From Boston Herald: 2024-05-21 23:56:15

Asian markets were mixed on Wednesday as US stocks hit record highs. Japan reported a rising trade deficit, Hong Kong’s Hang Seng index gained, and Taiwan Semiconductor Manufacturing Corp. saw an uptick in shares. S&P 500 and Nasdaq reached all-time highs, fueled by expectations of a Federal Reserve interest rate cut.

Macy’s and Lam Research outperformed expectations, boosting the market. Palo Alto Networks missed revenue forecasts, while Trump Media reported a net loss of $327.6 million. Lowe’s stock fell despite strong results, citing high interest rates affecting customer activity. The Federal Reserve aims to balance high inflation with economic growth.

Upcoming profit reports, specifically from Nvidia and Target, will impact the stock market’s performance. U.S. crude oil prices fell, while the dollar strengthened against the Japanese yen. The market remains cautiously optimistic amid high inflation and interest rates, waiting for further economic indicators.



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