#SP500 #StockMarket #AdobeEarnings
Stock Market Update: S&P 500 Hits Fourth Consecutive Record Close
As I delve into the latest market updates, I find that stock futures have remained relatively unchanged following the S&P 500's fourth consecutive record close. This remarkable feat was accompanied by Adobe's impressive quarterly results, which sent its shares soaring 15% in after-hours trading.
The S&P 500 futures dipped by a mere 0.05%, while Nasdaq 100 futures edged up by 0.03%. Dow Jones Industrial Average futures, on the other hand, experienced a slight decline of 0.07%, or 29 points.
Adobe's fiscal second-quarter earnings surpassed Wall Street projections, and the company raised its full-year outlook. This stands in contrast to other software companies that are expressing concerns about macroeconomic trends. The S&P 500 and Nasdaq Composite both achieved record closes in the previous session, with the technology-heavy Nasdaq Composite leading the way.
Wholesale inflation took an unexpected turn, decreasing by 0.2% in May instead of the anticipated 0.1% increase. This news comes after the Consumer Price Index remained unchanged on a monthly basis in May.
Barbara Doran, CEO of BD8 Capital Partners, shared her perspective on CNBC's "Closing Bell: Overtime," expressing her belief that the "soft landing" is still in place but acknowledging the growing concerns about the Federal Reserve's prolonged restrictive stance.
"Despite the market's apparent expensive valuation at 21 times earnings, it's important to remember that a significant portion of the S&P 500's gains can be attributed to a select few stocks," Doran explained. "The question now is market breadth."
Market breadth refers to the ratio of advancing stocks to declining ones. The recent optimism surrounding the potential decrease in inflation has bolstered equities this week, with the S&P 500 and Nasdaq Composite poised to end the week with gains of 1.6% and 3.1%, respectively. The 30-stock Dow, however, is the exception, with a 0.4% decline.
Tesla shares traded slightly higher following the approval of Elon Musk's contentious $56 billion pay package by the company's shareholders.
Original Article: https://www.cnbc.com/2024/06/13/stock-market-today-live-updates.html
Leave a Reply