The First Slice for Tuesday, May 29, 2024

The Nasdaq, the tech-heavy stock index, soared past the 17,000 mark for the first time in history, driven largely by the surging shares of Nvidia, a leading chipmaker. Meanwhile, the broader market picture was mixed, with the S&P 500 inching up and the Dow Jones slipping slightly as Treasury yields climbed to multi-week highs following lukewarm debt auctions. This uptick in yields raised concerns among investors, who eagerly await U.S. inflation data, pivotal for shaping expectations around potential Federal Reserve rate cuts.

Technology stocks, particularly Nvidia, led the market gains, while healthcare struggled. Analysts point to a recurring theme: tech giants staying strong and continuing to dominate. This sentiment underscores Wall Street’s recent record-breaking spree, fueled by optimism that the Federal Reserve might initiate interest rate cuts this year. However, the timing of these cuts remains uncertain, with policymakers keeping a close eye on inflation data, which is expected to hold steady.

Amidst this financial landscape, attention also turns to the retail sector, with companies like Dollar General, Advance Auto Parts, and Best Buy set to report earnings. Additionally, a significant shift occurred in U.S. trading settlements, aiming to enhance efficiency while temporarily increasing transaction failures.

In other news, Apple’s stock price boosted after it reported a substantial surge in iPhone sales in China, but gains were tempered by the market close. GameStop also made headlines with a successful stock offering, raising significant capital…………..[read more].