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Wall Street rebounds, but is heading to close the week negative due to US inflation expectations

Wall Street rebounds, but is heading to close the week negative due to US inflation expectations

Dow Jones and the S&P 500 are on track to close the week lower. However, the Nasdaq is on track to add around 1% for the week thanks to Nvidia’s unexpected quarterly results.

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The main Wall Street indices bounce this Friday, May 24, but the Dow Jones and the S&P 500 are heading to close the week lower after four consecutive gains, as the concern about inflation revived caution about Federal Reserve monetary policy before a long weekend.

He S&P 500 climb 37.43 pointsor 0.7%, to 5,305.27 units; Meanwhile he Nasdaq Composite scale 175.22 points, or 1%, to 16,911.25 units; and the Dow Jones Industrial Average keep it up 86.07 points, or 0.2%, to 39,151.33 units.

Despite Dow Jones and the S&P 500 are heading to close the week lower, the Nasdaqwhich has a strong technological component, is aims to add around 1% in the week thanks to Nvidia’s unexpected quarterly resultswhich reinforced investors’ faith in big technology companies’ commitment to artificial intelligence.

Nvidia shares surpassed the $1,000 barrier

The actions of Nvidia they gain 0.4% after soaring more than 9% in the previous round thanks to the fact that the papers of the leader in artificial intelligence chips surpassed the barrier of the u$s1,000 and is on its way to adding some 220 billion Dollars market valueif profits are maintained.

The firm also announced a stock splitafter climbing more than 100% this year and a triple increase in 2023, which made Nvidia in the third most valuable American stock.

Economic data put pressure on Wall Street

In the previous round, economic data showed that the price pressures in the United States increased in May, even as business activity accelerated. Meanwhile, the Lower weekly unemployment claims indicated the labor market remains firm.

Furthermore, the University of Michigan consumer confidence index for May stood at 69.1 pointsexceeding forecasts of 67.5 points.

The US equity market will be closed on Monday for Remembrance Day.

Source: Ambito

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