The S&P 500 Index rose by 0.21%, the Dow Jones Industrial Average increased by 0.65%, and the Nasdaq 100 rose by 0.25% today, marking all-time highs for these indexes. The gains are fueled by positive economic indicators, including the May MNI Chicago PMI, which surged 13.5 points to 62.7—far exceeding expectations of 50.3, representing the strongest expansion in over four years.
This market uplift comes amidst speculation of a 60-day ceasefire extension between the US and Iran, which could potentially reopen the Strait of Hormuz, contributing to a 1% decline in crude oil prices. Additionally, the Q1 earnings season has seen 84% of S&P 500 companies reporting earnings above estimates, with a projected year-over-year growth in earnings of 12% overall.
Significant winners in today’s trading included Dell Technologies, surging over 31% after reporting Q1 revenue of $43.84 billion—well above the consensus of $35.52 billion. Conversely, The Gap’s stock fell more than 17% following a weaker-than-expected Q1 sales report.
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