Wall Street Remains Near All-Time Highs as Krispy Kreme and Trump Media Surge

Wall Street

Today on Wall Street, the S&P 500 hovered near its record high, up 0.3% in morning trading. The Dow Jones Industrial Average also saw a slight uptick of 0.1%, while the Nasdaq composite rose 0.5%.

Leading the charge were tech giants like Tesla, up 5.7%, Microsoft, up 0.4%, and Meta Platforms, up 1%, pushing the S&P 500 higher.

However, it was the smaller players making the biggest waves. Krispy Kreme surged 20.5% after announcing a deal with McDonald’s to sell its doughnuts nationwide, starting later this year. McCormick, known for its spices and seasonings, also saw a significant increase of 9.2% after reporting stronger-than-expected profits and optimistic sales projections.

One of the day’s biggest movers was Trump Media & Technology Group, soaring 43.1% on its first day of trading under the ticker “DJT.” The company, associated with former President Donald Trump, took over a shell company on the Nasdaq.

Despite these gains, there are concerns about the overall market being overvalued. The S&P 500 has already surged nearly 10% this year, and while the economy has shown resilience, some worry that broader profit growth is necessary to sustain these levels.

Looking ahead, traders anticipate the Federal Reserve to start cutting interest rates in June, with some speculating it could happen even sooner.

In the bond market, Treasury yields remained steady, with mixed reports on the economy. While orders for durable goods rose in February, consumer confidence unexpectedly dipped, highlighting the delicate balance in the current economic landscape.

Overall, global markets were mostly higher, indicating a positive sentiment despite lingering uncertainties.

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About the author: Stephanie Bedard-Chateauneuf has over six years of experience writing financial content for various websites. Over the years, Stephanie has covered various industries, with a primary focus on tech stocks, consumer stocks, health stocks, and personal finance. This stock lover likes to invest for the long-term. Stephanie has an MBA in finance.