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Stock market today: Live updates

Traders work on the floor of the New York Stock Exchange during the morning session on May 17, 2024.

Michael M. Santiago | Getty Images

U.S. stock futures fell Friday as investors scrutinized a wave of corporate earnings ahead of a key inflation report. Wall Street was also headed for a losing week after what was a banner month for stocks.

Dow Jones Industrial Average futures fell 37 points, or 0.10%. S&P 500 and Nasdaq 100 futures fell 0.20% and 0.31%, respectively.

Traders have digested the latest company results. Dell Technologies fell 16%, even after its first-quarter results beat expectations. Cloud security stock Zscaler jumped 14%, while developer data platform MongoDB plunged 23%. Clothing retailer Gap jumped 21%, while department store chain Nordstrom slipped more than 6%.

Wall Street is coming out of a losing session for the main benchmark indices. The Dow Jones Industrial Average closed down more than 300 points, or 0.9%, after Salesforce failed to meet revenue expectations in its latest results. The S&P 500 fell 0.6%, while the Nasdaq Composite fell 1.1%.

These moves come during a holiday-shortened trading week. The S&P 500 and Nasdaq Composite were each poised to end a five-week winning streak, while the Dow Jones headed for a second straight week of losses as rising Treasury yields weighed on sentiment investors.

Investors fear the instability could mean the recent stock market rally is starting to run out of steam. They fear that the advance of a handful of large-cap technology stocks, notably Nvidia, may mask weakness in the market as a whole. The S&P 500 is up about 10% this year, but the equal-weighted index is up about 3%.

“When we see option prices betting that momentum is going to continue or even exceed history, that becomes a problem for us,” Jeff deGraff, head of technical research at Renaissance Macro Research, told “Closing Bell” from CNBC. He cited recent rises in semiconductor stocks such as Qualcomm and Nvidia.

“They could consolidate over the summer, but now is not the time to invest new money,” deGraff added. “So I think the expectations are pretty met here, and we just want to be careful.”

Personal consumption expenditure data for April will be released Friday morning. Economists surveyed by Dow Jones expect a 2.7% year-over-year increase in core PCE, down slightly from the 2.8% gain recorded in the previous reading.

Stocks are on track to close out a strong month, with each of the major benchmarks expected to post a sixth positive month in seven. The Dow is up 0.8% this month, while the S&P 500 is higher of 4 %. The tech-heavy Nasdaq Composite, which gained around 7%, is on track to have its best month since November 2023, when it gained 10.70%.

News Source : www.cnbc.com
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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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