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Nasdaq sets another record as Wall Street regains earlier losses – KXAN Austin

Nasdaq sets another record as Wall Street regains earlier losses – KXAN Austin


NEW YORK (AP) U.S. stocks rose Friday, rebounding from Wall Street's worst day since April.

The S&P 500 gained 36.88 points, or 0.7%, to 5,304.72 and regained all of its losses from the previous two days. He had a tiny gain for the week, enough to extend his weekly winning streak to five, and sits just shy of his record set on Tuesday.

The Dow Jones Industrial Average rose 4.33 points, or less than 0.1%, to 39,069.59, and the Nasdaq composite gained 184.76, or 1.1%, to 16,920.79 and exceeded its all-time high set earlier this week.

Deckers Outdoor jumped 14.2%, the biggest gain in the S&P 500 after reporting higher-than-expected earnings and revenue for the latest quarter. The company behind the Hoka, Ugg and Teva brands also gave revenue forecasts for the next financial year that were in line with analysts' expectations.

Ross Stores also boosted the market after jumping 7.8%. The retailer reported a profit for the last quarter that was better than analysts expected. This is despite its revenue barely exceeding expectations as customers continue to refrain from purchasing non-essential products.

CEO Barbara Rentler said several challenges, including prolonged inflation, continue to reduce the purchasing power of our low-to-moderate income customers.

Although data on the overall, or macroeconomic, economy shows continued strength in U.S. household spending, the numbers beneath the surface may not be as encouraging.

Walmart and Target tell us that higher-income consumers are doing well, but are starting to lower prices, said Brian Jacobsen, chief economist at Annex Wealth Management. The low-income consumer is struggling. The macro often focuses too much on the average and the average is distorted by high-end households.

The market got a slight boost Friday from a report showing that overall U.S. consumer confidence weakened less in May than preliminary data suggested. Perhaps more importantly, the University of Michigan report also said that U.S. consumers' inflation expectations for the coming year rose less in May than expected.

This could help avoid a vicious cycle in which U.S. households' high inflation expectations cause them to behave in ways that only make inflation worse.

Concerns about stubbornly high inflation were behind this week's tough trading, after indexes recently set records. The weakness began after the Federal Reserve released minutes of its latest policy meeting on Wednesday. Some officials are raising the possibility of raising rates if inflation worsens.

Stocks fell further after reports Thursday indicated the U.S. economy was stronger than expected. Such a force may actually scare Wall Street, as it could maintain upward pressure on inflation.

That could at least delay the Federal Reserve's decision to provide relief to financial markets by cutting its main interest rate, which is at its highest level in more than 20 years. The Fed is trying to pull off the difficult feat of slowing the economy enough through high interest rates to quell high inflation, but not so much that it brings the labor market to its knees.

Goldman Sachs economist David Mericle pushed back his forecast for a first rate cut by the Fed to September, in part because of Thursday's reports on U.S. business activity and unemployment.

Treasury yields climbed this week on those concerns, but remained broadly flat Friday following the release of the consumer confidence report. The 10-year Treasury yield fell to 4.46% from 4.48% Thursday evening. The two-year yield, which more closely tracks expectations for Fed action, remains at 4.94%.

This week's stock struggles came despite another report on runaway earnings from Nvidia, which has become one of Wall Street's most influential stocks amid a frenzy around artificial intelligence technology. The fervor around AI has pushed some stocks to heights that critics have called overblown, but Nvidia's stunning growth and forecasts for more suggest it could continue.

Nvidia rose another 2.6% on Friday, making it the main force pushing the S&P 500 higher.

Elsewhere on Wall Street, Workday fell 15.3% despite reporting a profit for the latest quarter that was higher than analysts expected. The company, which helps businesses manage their people and money, gave forecasts for future subscription revenue that were slightly lower than Wall Street estimates.

In foreign stock markets, indices fell across much of Asia and Europe. Indexes fell 1.4% in Hong Kong, 1.3% in Seoul and 1.2% in Tokyo.


AP Business writers Matt Ott and Elaine Kurtenbach contributed.




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