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Stock Market News

Our market analysts keep you updated on the latest market trends including stock market data, news, market activity, and economic reports in the daily stock market commentary.

Opening Comment — Friday, May 24, 2024

DJIA: 39,065.26, down 605.78
S&P 500: 5,267.84, down 39.17
NASDAQ: 16,736.03, down 65.51

Stocks higher ahead of durable goods orders

Stock futures are higher on Friday, ahead of the initial release of April’s durable goods orders and May’s finalized University of Michigan Consumer Sentiment Index. The Dow is rising 0.1%, while the S&P 500 is increasing 0.3%. The Nasdaq 100 is also up 0.3% relative to fair value on the GLOBEX.

U.S. equities were lower on Thursday, as investors evaluated the initial release of May Purchasing Managers’ Indexes (PMIs), which came in higher than consensus estimates, while April’s new home sales decreased more than expected. The Dow was down 1.5%, while the tech-heavy Nasdaq Composite fell 0.4%. The S&P 500 decreased 0.7% with 10 of 11 sectors finishing in negative territory. The Real Estate sector declined the most, falling 2.2%.

On the data front today, the preliminary release of April’s durable goods orders are projected to decrease 0.8% versus the prior month’s revised increase of 0.9%. The final reading of the University of Michigan Consumer Sentiment Index is expected to record 67.7 for May, up from the prior reading of 67.4. Meanwhile, May’s final readings for the University of Michigan’s one- and 5-10-year inflation expectations are forecasted at 3.4% and 3.1%, respectively, slightly down from the prior reading of 3.5% and unchanged, respectively.

Across the pond, European stocks are lower in mid-day trading with the final reading for Germany’s first-quarter Gross Domestic Product (GDP) confirming weak economic growth following the prior quarter’s contraction. Spain’s Producer Price Index (PPI) for April showed less deflation compared to March. The U.K.’s retails sales for April decreased more than projected.

Overnight in Asia, stocks were lower with the Japan’s headline Consumer Price Index (CPI) for April cooling less than expected. New Zealand’s trade surplus narrowed in April.

In FOREX trading, the dollar is lower despite stronger than expected May PMIs data.

Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.9% lower at $76.20/barrel, as investors weighed the recent statements from Federal Reserve (Fed) officials regarding keeping interest rates high.

In the metals complex, gold is 0.2% higher at $2342.20/ounce following a weakening dollar.

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