Sunday, 16 June 2024

Nasdaq index exceeds 17 thousand points for the first time ever

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Stocks were marginally lower on Tuesday as Wall Street opened after Monday’s Memorial Day holiday, with investors awaiting inflation data due at the end of the short trading week to get a better picture of the market’s outlook.

According to CNBC, the Nasdaq Composite Index touched a new record in today’s session. At one point, the tech-heavy index crossed the 17,000 mark for the first time ever.

This comes near the end of a strong month, with the index up more than 8% so far in May.

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Stocks are on track to end the month of May on a strong path, after weak inflation data earlier this month and better-than-expected quarterly earnings reports raised sentiment, with the former indicating that interest rate cuts from the US Federal Reserve may come earlier than expected. Investors expected it.

But recently, strong economic data and new concerns about a potential decline in consumer spending have dampened interest rate expectations.

This month, the S&P 500 has advanced 5.3% and the Nasdaq Composite has risen about 8%, after ending last week at a new record high.

Meanwhile, the Dow Jones Industrial Average rose 3.3%, surpassing 40,000 for the first time ever this month.

Silver is on track to have its best month in nearly four years. For the first time in 10 years, silver made a huge jump, exceeding $30 per ounce, turning attention to it in 2024.

The metal has risen nearly 20% so far in May, putting it on track for a third straight positive month. This gain would also represent its best monthly performance since July 2020, when silver jumped just under 30%.

Apple shares rose nearly 2% in premarket trading Tuesday after data that reflected a rebound in China.

iPhone shipments in China jumped about 52% in April compared to last year, according to data analyzed by UBS, but the company warned that these numbers could be “volatile,” and sad investors should not jump to the conclusion that the regional shift It happens because of this month’s statistics alone. (More details: iPhone sales rise by more than 52% in China)

The chipmaker jumped 5% premarket, extending its post-earnings rally following its quarterly earnings report last Wednesday. Shares rose 15% last week, exceeding $1,000 for the first time.

The S&P 500 rose slightly as the shortened trading week began. The index added just 0.2% shortly after the open. The Nasdaq Composite rose 0.5%, while the Dow Jones fell 0.3%.

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