Stock Market Today: Nasdaq ekes out gain to notch fresh closing record high
Investing.com-- The Nasdaq closed at record highs Friday, driven b y ongoing tech strength amid investor expectations for the Federal Reserve to cut rates as soon as June.
At 16:00 ET (21:00 GMT), the Nasdaq Composite gained 0.2% to clinch a closing record of 16,428.82. The Dow Jones Industrial Average fell 0.8%, or 305 points, S&P 500 fell 0.1%, but both indices also notched a gain for the week.
Jerome Powell didn't deliver any clues on monetary policy during a «Fed Listens» event Friday, but markets continue to rally on bets of rate cuts as soon as June following central bank's dovish rate outlook earlier this week.
The Fed kept interest rates steady and stuck to its projections for at least three rate cuts this year, despite recent stickiness in inflation.
Traders now see a 74% chance of the first rate cut hitting in June, from 56% at the start of this week, according to the CME's FedWatch Tool.
FedEx (NYSE:FDX) surged over 7% as the delivery and logistics firm clocked stronger-than-expected earnings, and also approved a $5 billion share buyback.
The better-than-expected results were driver by the Fedex's Express business, which «delivered $256 million of operating income compared to our forecast of breakeven performance,» UBS said in a note as it lifted its price target on the stock to $340 to from $323.
Nike (NYSE:NKE) sank 7% after the sportswear retailer issued a warning for a decline in first-half revenue as it looks to ramp-up innovation efforts amid competition from upstarts including On and Hoka.
«But until the market sees evidence that new products can grow and scale sufficiently, we think this will remain a hotly-debated stock that will remain stuck in the mud,» Wedbush said in a note.
Lululemon
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