Dow Sets a New Record – US Market Wrap

Stocks extended gains into a fourth consecutive week, with the Dow Jones Industrial Average closing above the 40,000 mark for the first time.

Following a set of inflation reports that reignited hopes on Federal Reserve rate cuts, the S&P 500 saw its longest weekly win since February. Strong earnings have also fueled gains, with the focus now shifting to next Wednesday’s results from NVIDIA, the poster child of the artificial-intelligence boom. While the advance lost steam in the past two days, the market is still on pace for its best month in 2024.

The S&P 500 hovered near 5,300. Megacaps were mixed, with Tesla up and NVIDIA down. GameStop sank on plans to sell up to 45 million shares. Reddit jumped as it forged a partnership with OpenAI. Applied Materials forecast failed to impress investors.

After suffering the first 5% pullback of the year, the S&P 500 has rebounded to hit its 23rd record in 2024 earlier this week.