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  3. US markets end mostly in green on Tuesday

US markets end mostly in green on Tuesday

29 May 2024 Evaluate

The US markets ended mostly in green on Tuesday with Nasdaq continuing its gaining momentum. The continued advance by the Nasdaq came amid a sharp increase by shares of Nvidia (NVDA), with the AI darling surging by 7.1 percent to a record closing high. Recently, Nvidia reported better than expected fiscal first quarter results and provided upbeat guidance while also announcing a ten-for-one stock split and increasing its quarterly cash dividend by 150 percent to $0.10 per share. However, a steep drop by shares of Merck (MRK) weighed on the Dow, as the drug giant tumbled by 2.6 percent to its lowest closing level in well over a month. Also, the ten-year treasury yield jumped above 4.5 percent after auctions of two-year and five-year notes attracted below average demand. Overall trading activity remained somewhat subdued, as traders looked ahead to the release of key inflation data later this week. The inflation data could have a significant impact on the outlook for interest rates ahead of the Fed's next monetary policy meeting on June 11-12.

On the economic data front, the Conference Board released a report unexpectedly showing a significant improvement in consumer confidence in the month of May. The Conference Board said its consumer confidence index jumped to 102.0 in May from an upwardly revised 97.5 in April. The rebound surprised market participants, who had expected the consumer confidence index to decrease to 95.3 from the 97.0 originally reported for the previous month. On the sectoral front, Airline stocks moved sharply lower over the course of the session, dragging the NYSE Arca Airline Index down by 2.0 percent to its lowest closing level in over four months. Considerable weakness also emerged among housing stocks, as reflected by the 1.3 percent loss posted by the Philadelphia Housing Sector Index.

Nasdaq rose 99.09 points or 0.59 percent to 17,019.88 and S&P 500 was up by 1.32 points or 0.02 percent to 5,306.04, while Dow Jones Industrial Average declined 216.73 points or 0.55 percent to 38,852.86.

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