Friday, May 17, 2024
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Little Movement in Stocks as the Market Moves Towards a Third Consecutive Weekly Rise

As investors tried to hold onto their profits from this month, stocks barely moved on Friday.

In fewer than ten points, the Dow Jones Industrial Average dropped. S&P 500 slightly increased, but the Nasdaq Composite fell by 0.1%.

Shares of Gap surged 18% following the release of the company’s third-quarter earnings that exceeded expectations. The C-suite reorganisation and revenue projection reduction for ChargePoint, an electric vehicle charging network, caused a 36% decline in shares.

Every one of the three averages is expected to have a weekly increase, which would be their third consecutive week of growth. At the close on Thursday, the S&P 500 and the Nasdaq had gained almost 2%, and the Dow was expected to advance 1.9%.

These increases were prompted by the Federal Reserve’s strict stance on rate policy as well as the relatively muted U.S. inflation data, which offered investors hope that the worst of inflation may be behind us.

Source (CNBC)

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