On Friday, all major U.S. stock indices closed higher, with the S&P 500 rising by 0.22%, the Dow Jones Industrial Average by 0.72%, and the Nasdaq 100 by 0.36%. Notably, Dell Technologies surged 32% after exceeding sales expectations, driving interest in AI-infrastructure stocks. In economic news, the May MNI Chicago PMI climbed to 62.7, surpassing expectations of 50.3, marking the strongest expansion in 4.25 years.
Investor sentiment was bolstered by tentative peace negotiations between the U.S. and Iran, potentially extending a ceasefire by 60 days, which eased crude oil prices down by over 1% to a five-week low. Additionally, the likelihood of a 25 basis point rate cut at the upcoming Federal Open Market Committee meeting is currently estimated at just 2%.
Internationally, while Europe’s Euro Stoxx 50 dipped by 0.08%, Japan’s Nikkei surged 2.53%, reaching a record high. Mixed results from companies were notable, with Atlassian Corp and ServiceNow leading gains among software stocks, while The Gap and American Eagle Outfitters reported disappointing sales, impacting their shares by over 15% and 11%, respectively.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
