Mixed day for US stocks, with S&P down, Nasdaq up, positive earnings and consumer confidence

From Nasdaq MarketSite: 2024-05-28 15:48:29

US stock indexes were mixed today, with the S&P 500 down -0.14%, the Dow Jones down -0.72%, and the Nasdaq up +0.39%. Chip stocks, led by Nvidia, saw gains, and consumer confidence unexpectedly rose in May. M&A activity, including Energy Transfer LP and T-Mobile US acquisitions, supported stocks. Minneapolis Fed President’s hawkish comments on inflation also impacted the markets.

Q1 earnings results have been positive, with a +7.1% growth y/y, exceeding estimates. The Conference Board reported a +4.5 increase in US May consumer confidence index to 102.0, strengthening the economy. Meanwhile, the US Mar S&P CoreLogic composite-20 home price index rose +7.38% y/y, surpassing projections for growth.

In the European market, the Euro Stoxx 50 fell -0.76%, China’s Shanghai Composite dropped -0.46%, and Japan’s Nikkei Stock Index fell -0.11%. Interest rates on the 10-year T-note are up +2.0 bp at 4.485%, with T-notes facing supply pressures from upcoming Treasury auctions. ECB member statements emphasized the potential loosening of monetary policies.

Stock movers today included Nvidia, leading the Nasdaq 100 gainers, cruise line company Norwegian Cruise Line Holdings, Dell Technologies, and Deckers Outdoor among the top gainers in the S&P 500. Airbnb, Arcturus Therapeutics, and Insmed saw significant gains, while Moderna and Zscaler were among the top losers in the S&P 500. Lululemon Athletica, PepsiCo, and DraftKings also experienced stock price declines.



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