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Stock Market Today: Live Updates

Stock Market Today: Live Updates

 


Traders work on the floor of the New York Stock Exchange.

Brendan McDermid | Reuters

Futures contracts linked to the Dow Jones Industrial Average traded almost flat on Friday, after the star stock average briefly rose above the key 40,000 level for the first time in the previous session.

Futures contracts linked to the 30-stock index remained unchanged, as did S&P 500 Futures Contracts And Nasdaq 100 Futures.

Although the day was slightly down for all three major averages, there was no shortage of enthusiasm among market participants. THE Dow hit an intraday high of 40,051.05, above the psychologically important 40,000 level, before retreating to end the day down 0.1%.

“The Dow's remarkable rise has exceeded many expectations, including my own, but our outlook remains unchanged,” said Todd Morgan, president of Bel Air Investment Advisors. “Through wars, recessions, elections, impeachments, financial crises and so on, long-term investing in high-quality stocks is the key to building wealth.”

The wide S&P500 fell about 0.2% on Thursday after first breaching the closely watched 5,300 level the day before. Meanwhile, the Nasdaq Composite ended Thursday's session down almost 0.3% after also hitting an all-time high.

The milestones come amid hopes that rates have peaked, according to Thomas Martin, senior portfolio manager at Globalt Investments. Continued optimism about artificial intelligence and corporate profit growth has also helped push the market into these uncharted waters, he added.

Despite Thursday's weak end to the session, the indices are on track to end the week higher. The Nasdaq Composite leads the way with a 2.2% rise, followed by the S&P 500's 1.4% rise. The Dow is expected to close the week up 0.9%.

This week's rise helped propel all three indexes into positive territory for the second quarter despite a rocky start. The S&P 500 and Nasdaq are now each up more than 11% in 2024, while the Dow has climbed more than 5% for the year.

Investors will be watching leading indicator data due Friday morning. No major corporate financial reports are expected as earnings season draws to a close.

Sources

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2/ https://www.cnbc.com/2024/05/16/stock-market-today-live-updates.html

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