Another Record Close for S&P 500, Dow Jones Ahead of Earnings

Today marked a significant milestone in the stock market, as both the S&P 500 and the Nasdaq closed at record highs.

Skerdian Meta•Tuesday, May 21, 2024•1 min read

US stocks remain bullish as risk sentiment remains positive

Today marked a significant milestone in the stock market, as both the S&P 500 and the Nasdaq closed at record highs. Despite an initial slump in tech stocks, investor confidence surged ahead of Nvidia’s highly anticipated earnings report, which is set to be released tomorrow.

Stocks Surge As Wall Street Rally Propels S&P 500 Towards Record High

Tech stocks, which faced some directionless trading early in the day, rebounded strongly as investors positioned themselves ahead of Nvidia’s earnings announcement. This anticipation contributed to the positive momentum in the market, particularly in the tech sector. Federal Reserve officials, including Christopher Waller, reiterated the need to maintain current interest rate levels.

They emphasized that more concrete evidence of inflation slowing down is necessary before considering a rate cut, maintaining a cautious but watchful stance on monetary policy. This consistent message from the Fed suggests that the central bank is committed to a data-driven approach to future policy decisions.

S&P 500 Chart Daily – Buyers Keep Pushing Higher

Today’s market performance saw modest gains across major indices, while the small-cap Russell 2000 experienced a slight decline. Here are the details:

The Dow Industrial Average rose by 66 points or 0.17% to reach 39,872.
The S&P 500 index experienced a gain of 13.30 points or 0.25%, reaching 5,321 points.
The NASDAQ index also saw an increase, rising by 38 points or 0.22% to 16,832 points.
In contrast, the small-cap Russell 2000 fell by -4.144 points or -0.20% to 2,098 points.

Notable winners in today’s trading session included:

First Solar Stock: It surged by 8.03%.
Tesla Stock: The stock saw a substantial increase of 11.65%.
Corning Stock: It rose by 2.70%

Overall, the market showed a mixed performance, with major indices closing higher, supported by strong gains in specific stocks, while the small-cap segment faced some downward pressure.

S&P 500 Live Chart

S&P500

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.