Wall Street Sees Mixed Start After Four Consecutive Gains

Wall Street

Stocks on Wall Street began the day with mixed results following four consecutive days of gains. In the early minutes of trading on Friday, the S&P 500 showed a slight increase of less than 0.1%, while the Dow Jones Industrial Average remained relatively unchanged. On the other hand, the Nasdaq composite was down 0.1%. All three indexes had achieved record high closes the day before. FedEx saw a rise of more than 8% after reporting earnings for the latest quarter that exceeded analysts’ expectations. However, Lululemon Athletic experienced a 15% decline after providing a weaker-than-expected forecast. Treasury yields in the bond market also fell, with the yield on the 10-year Treasury dropping to 4.21%.

Meanwhile, in Europe and Asia, stocks were similarly mixed. Germany’s DAX increased by 0.1% to 18,201.03, while the CAC 40 in Paris fell by 0.2% to 8,164.36. In London, the FTSE 100 climbed by 0.7% to 7,936.38. Futures for the S&P 500 and the Dow Jones Industrial Average were up by 0.1%.

In Asian trading, Japan’s Nikkei 225 initially surpassed 41,000 for the first time but later fell back, closing 0.2% lower at 40,888.43. Stocks in Shanghai and Hong Kong were weighed down by Chinese property and tech companies, with Hong Kong’s Hang Seng falling by 2.2% to 16,499.47 and the Shanghai Composite sinking by 1% to 3,048.03. Australia’s S&P/ASX 200 lost 0.2% to 7,770.60, while India’s Sensex rose by 0.3% to 72,881.70. Bangkok’s SET shed 0.4%, while Taiwan’s Taiex gained 0.2%.

On Thursday, the S&P 500 rose by 0.3% to 5,241.53, marking an all-time high for the third consecutive day. The Dow Jones Industrial Average gained 0.7% to 39,781.37, and the Nasdaq composite rose by 0.2% to 16,401.84, both also setting new records.

Micron surged by 14.1% and led chipmakers higher after reporting much stronger results for its latest quarter than expected. Chipmaker Broadcom climbed by 5.6%, further boosting the S&P 500, as it held an investor presentation on its opportunities in AI. Reddit climbed by 48.4% in its debut as a publicly traded stock.

However, Apple’s stock slumped by 4.1% after the Justice Department announced a sweeping antitrust lawsuit against the tech giant. Accenture also weighed on the market, dropping by 9.3% despite reporting stronger profit for the latest quarter than expected.

Overall, Wall Street remains focused on the Federal Reserve’s plan to make three rate cuts this year, with expectations that the cuts will begin in June. The next major update on inflation is expected next week when the U.S. reports personal consumption and expenditures data for February.

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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.