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Eduardo Muñoz Alvarez/AP
A break above the 40,000 level doesn’t have much practical value for investors, but it could fuel optimistic sentiment on Wall Street.
new york
CNN
—
U.S. stocks are coming off a big week on a tough note, but Wall Street investors are likely still chilling their champagne bottles as they prepare to close out the best week of the year for the market.
The Dow Jones Industrial Average fell nearly 200 points, or 0.5%, in Friday afternoon trading.
Investors are hoping the index will surpass the 40,000 threshold, a feat it has achieved twice in pre-market trading. But that hasn’t happened yet during regular trading hours, and it may no longer be possible this week.
Still, the blue-chip index is still on course for its best week since December. The three major indexes ended their two consecutive trading days on Wednesday and Thursday at record highs.
The S&P 500 index was flat on Friday afternoon, while the tech-heavy Nasdaq index rose 0.3%, heading for another record high.
This week, gains in artificial intelligence stocks helped push the U.S. economy to two new record highs across all three major indexes, along with a new Federal Reserve forecast for three interest rate cuts this year. .
In corporate news, it was a tough day for performance wear.
Lululemon’s stock price fell nearly 15% after the company issued a weak outlook. This could be the sportswear company’s worst day since March 2020. Nike stock also fell 6.4% after the company reported slowing sales in China and adjusted its forward guidance.
Reddit entered its second day of official trading following a downward adjustment. The stock price fell about 4% after his debut on the New York Stock Exchange he rose 48%.
Apple investors seem relatively unconcerned about the antitrust lawsuit filed by the Justice Department against the iPhone maker on Thursday. The stock price rose about 0.7%.
Investors on Friday also approved an agreement that would make Truth Social owner Trump Media a publicly traded company.
The green light from shareholders clears a major hurdle for the long-delayed merger, which could generate a multibillion-dollar windfall as former President Donald Trump faces financial and legal pressures. become. But that’s unlikely to solve his legal problems.
A majority of Digital World Acquisition Corporation’s shareholders voted in favor of the merger agreement with Trump Media, according to preliminary vote totals announced during the meeting. Both companies have indicated that the merger could be completed as early as early next week.
However, it seems that not all shareholders are in a favorable mood. Digital World Acquisition Corporation fell 6.1% on Friday.
This is a developing story and will be updated.
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