Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
Business

Stocks tread water as Dow prepares for new 40,000 bid

Photo of Eleon EleonMay 17, 2024
7 3 minutes read

U.S. stocks rallied Friday as Wall Street launched another bid to hit bullish milestones as investors dithered over the odds of rate cuts.

The Dow Jones Industrial Average (^DJI) remained stable after hitting the key 40,000 level for the first time during Thursday’s session. The S&P 500 (^GSPC) rose 0.1% while the tech-heavy Nasdaq Composite (^IXIC) also gained 0.1%, with all indicators on track for weekly gains.

The rally in stocks spiked following comments from Fed officials warning that rates were likely to remain at all-time highs for some time. This dampened enthusiasm about the likelihood of a rate cut in September, which had been dissipated by encouraging inflation data.

Learn more: How does the labor market affect inflation?

Friday’s light economic and corporate calendar leaves few starting points for the Dow Jones to attempt to break through its key point again, while the S&P 500 and Nasdaq have their own record highs within reach.

This highlights appearances by the Fed’s Mary Daly and Christopher Waller on Friday. The market will be watching for any deviation from colleagues’ message that the Fed will follow the data and wait for clear signs of slowing inflation before acting.

Among individual movers, shares of Reddit (RDDT) jumped 15% after the open, not far from its closing high of $65.11 reached in March. The social media platform has signed a partnership with OpenAI which will see ChatGPT integrate content from its forums.

Meanwhile, shares of GameStop (GME) fell more than 20% after the gaming retailer said it expects first-quarter sales to decline as buyers shift to points online sales. Shares of the meme stock soared earlier this week, echoing the frenzy of 2021, but the rally turned into a slide in recent days.

Live3 updates

  • Stock Trends in Morning Trading

    Here are some of the stocks topping Yahoo Finance’s trend ticker page during morning trading on Friday.

    GameStop (GME): Shares of the video game retailer fell more than 25% Friday morning after the company filed to sell 45 million new shares of its common stock and released preliminary financial results revealing sales sharply dropped from the previous year in its last report. quarter.

    Reddit (RDDT): The forum-based social network gained more than 14% in morning trading following the announcement of a partnership with OpenAI, the artificial intelligence company behind the popular ChatGPT. As part of the deal, OpenAI will become an advertising partner of Reddit and give Reddit the ability to use OpenAI technology to create tools and features. In turn, ChatGPT will integrate content from Reddit into its system.

    Robinhood (HOOD): The financial services company popular with retail stock traders rose 6% Friday morning following a double upgrade from Bank of America from underperform to buy. Analysts pointed to a rebound in retail engagement and a broader trend toward mobile commerce that the young company stands to benefit from.

    Cracker Barrel (CBRL): Shares of the restaurant chain fell nearly 15% after the company cut its dividend plans by nearly 80%. The announcement comes as the Southern-themed restaurant and gift shop focuses on modernizing its brand and physical locations.

  • Stocks little changed as Dow hits 40,000

    The main indices did not move much at the opening on Friday as Wall Street prepared to see the Dow Jones try again to exceed the key milestone of 40,000 points.

    The Dow Jones Industrial Average (^DJI) remained stable after reaching this level for the first time during Thursday’s session. The S&P 500 (^GSPC) rose 0.1% while the tech-heavy Nasdaq Composite (^IXIC) also gained 0.1%, with all indicators on track for positive weekends .

  • Reddit Stock Appears in Pre-Market Thanks to OpenAI Deal

    Reddit (RDDT) stock is up 14% premarket thanks to a new deal with OpenAI where OpenAI will have access to Reddit data to help develop its models.

    This deal should come as no surprise to Reddit investors: the company recently struck a similar deal with Alphabet (GOOGL). Reddit co-founder and CEO Steve Huffman told me last week that more deals like this are likely as part of the platform’s reinvention.

    Look for a new user interface later this year.

    Watch below.

News Source : finance.yahoo.com
Gn bussni

Photo of Eleon EleonMay 17, 2024
7 3 minutes read
Photo of Eleon

Eleon

© Copyright 2024, All Rights Reserved  |  Mix9P
Back to top button