Stock market today: Live updates

Traders walk the floor during morning trading at the New York Stock Exchange on May 14, 2024.

Spencer Platt | Getty Images

Stock futures are near flat Monday night after the technology-heavy Nasdaq Composite closed at an all-time high.

Futures connected to the Nasdaq 100 slipped 0.1%. Dow Jones Industrial Average futures lost just 27 points, while S&P 500 futures also sat near its flatline.

In after-hours action, Palo Alto Networks dropped more than 8%. While beating expectations for both lines in the fiscal third quarter, the cybersecurity company delivered current-quarter guidance that was only in line with consensus forecasts of analysts polled by LSEG.

Those moves come after a mixed day on Wall Street. The Nasdaq Composite notched a new intraday and closing high. The index was lifted by Nvidia, which rallied 2.5% as investors geared up for the artificial intelligence titan’s Wednesday earnings report. The broad S&P 500 inched up nearly 0.1%.

But the blue-chip Dow slipped almost 200 points, or 0.5%. The 30-stock index was dragged down by a 4.5% drop in JPMorgan after CEO Jamie Dimon said his retirement may be sooner than expected and that the financial giant would not repurchase many shares at their current prices.

Monday’s action follows a notable week on Wall Street amid renewed hopes about the state of inflation and monetary policy. The Dow ended Monday’s session below the closely watched 40,000 level, after closing above it for the first time last week.

“The disinflation story is still intact,” said Keith Buchanan, portfolio manager at Globalt Investments.

“The market’s going to continue to drift higher if earnings can confirm the stickiness of the corporate profitability,” he added. But “that could lead to a market where we could be somewhat range bound, perhaps even drift lower.”

In that vein, investors will monitor speeches from several Federal Reserve speakers including Governor Christopher Waller, Richmond Fed President Tom Barkin and Atlanta Fed President Raphael Bostic. Traders will be watching closely for any insights into the future path of interest rates.

Economic data on nonmanufacturing is also due Tuesday. On the earnings front, investors will follow reports expected from retailers Lowe’s and Macy’s before the bell.

Source link

Related Posts

European banks in Russia face ‘awful lot of risk’, Yellen says

U.S. Secretary of the Treasury Janet Yellen speaks while presiding over a meeting of the Financial Stability Oversight Council at the Treasury Department on May 10, 2024 in Washington, DC. …

Read more

What Porsche Teen’s Grandfather Told Driver After Crash

The crash that took place late on Saturday night left two young engineers dead Pune: The grandfather of the 17-year-old, whose late-night drunken drive in a Porsche, left two 24-year-old…

Read more

FDA panel votes against Novo Nordisk’s weekly insulin in type 1 diabetes patients

A view of the logo of Novo Nordisk at the company’s office in Bagsvaerd, on the outskirts of Copenhagen, Denmark, March 8, 2024.  Tom Little | Reuters Advisers to the…

Read more

Lok Sabha Election 2024 Phase 6: Delhi, Haryana Vote Today In Penultimate Phase: 10 Points

Lok Sabha Election 2024: Election will be completed in 486 of the 543 Lok Sabha seats today. New Delhi: Voting will take place in 58 seats across seven states and…

Read more

Stock market today: Live updates

Traders work on the floor of the New York Stock Exchange during morning trading on May 24, 2024 in New York City.  Michael M. Santiago | Getty Images Stocks ticked…

Read more

India Great Took Pay Cut To Work For BCCI, Now Reluctant To Apply For ‘Taxing’ Coach’s Job: Report

VVS Laxman‘s reluctance to become the Indian team’s head coach is an open secret but with the former batting stalwart’s stint as NCA’s ‘Head of Cricket’ ending in…

Read more

Leave a Reply