Wall Street Trades Mixed; Nasdaq Surpasses 17,000 Points

Nvidia's stock stood out among issuers, rising by more than 4% following news of a successful capital raise by Elon Musk's AI.

Ignacio Teson•Tuesday, May 28, 2024•1 min read

The three main indices on Wall Street showed mixed performance on Tuesday morning. Despite the general indecision, the Nasdaq Composite Index surpassed the 17,000-point mark for the first time, as investors await key inflation data this week.

The leading Dow Jones Industrial Average, composed of 30 major companies, fell by 0.40% to 38,913.07 points. The S&P 500, encompassing 500 stocks, rose by 0.08% to 5,308.86 points, while the tech-heavy Nasdaq Composite increased by 0.51% to 17,007.76 points.

Trading resumed in U.S. stock markets after a long weekend, with investors gearing up for the release of the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation.

SPX

Investors also received comments from a central bank official. Minneapolis Fed President Neel Kashkari stated that it would take “many months” of benign inflation data before he would support a rate cut.

Nvidia’s stock stood out among issuers, rising by more than 4% following news of a successful capital raise by Elon Musk’s artificial intelligence company.

Sector-wise, technology led the gains with a 1.09% increase, followed by energy at 0.69%. Within the Dow Jones, notable gainers included aerospace company Boeing, up 1.24%, and Apple, up 1.21%, on news of increased shipments to China.

The Mexican stock exchanges resumed their declines on Tuesday morning. Local indices are retreating after having interrupted a six-session losing streak yesterday, ahead of the release of key inflation data in the United States, the Personal Consumption Expenditures (PCE) index.

The leading S&P/BMV IPC index of the Mexican Stock Exchange (BMV), which measures the most traded local stocks, fell by 0.23% to 55,327.12 points. The FTSE BIVA index of the Institutional Stock Exchange (Biva) dropped by 0.21% to 1,133.13 points.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.