The Dow Jones Industrial Average jumped Friday for its best session of the year, as investors wrapped up a strong month after the Federal Reserve\u2019s preferred inflation measure came in largely around expectations.<\/p>\n
The blue-chip Dow climbed 574.84 points, or 1.51%, to 38,686.32, lifted by Salesforce and UnitedHealth\u2019s respective advances of 7.5% and 2.8%. The S&P 500 added 0.80% to 5,277.51. The Nasdaq Composite ticked lower by 0.01% to 16,735.02, as Nvidia and a few other megacap technology stocks took a hit.<\/p>\n
The S&P 500 and Nasdaq snapped five-week win streaks with slides of 0.51% and 1.1%, respectively. The blue-chip Dow slipped 0.98%, marking a second straight week of losses.<\/p>\n
Despite the tough week, it was a winning May, with each of the major benchmarks registering a sixth positive month in seven. The Dow added 2.3% this month, while the S&P 500 rose 4.8%. The Nasdaq gained 6.88%, notching its best month going back to November.<\/p>\n
\u201cThe market is going to remain choppy,\u201d said Quincy Krosby, chief global strategist at LPL Financial, citing variables such as the upcoming election, Treasury yields and consumer spending. \u201cThere are questions as to: Where are we headed? Where\u2019s the economy headed?\u201d<\/p>\n
A chunk of May\u2019s strength can be attributed to a surge in Nvidia, which released blockbuster earnings last week. Though the artificial intelligence darling\u2019s stock fell about 0.8% on Friday, shares ended the month nearly 27% higher. Tesla and Netflix also pulled back on Friday, hurting the tech-heavy Nasdaq in the session.<\/p>\n
Closely followed economic data released Friday morning came mostly in line with forecasts. The core personal consumption expenditures price index increased 0.2% in April, the same figure that was anticipated by economists polled by Dow Jones. Core PCE rose 2.8% on an annualized basis, slightly above the 2.7% prediction from economists.<\/p>\n
\u201cThis week\u2019s most important economic data came and went without deviating much from expectations,\u201d said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, adding that the market breathed a \u201csigh of relief\u201d after the report.<\/p>\n
Traders also reacted to the latest corporate earnings results. Dell Technologies tumbled more than 17% despite strong earnings after saying its AI server backlog was smaller than anticipated. Cloud security stock Zscaler popped 8.5%, while developer data platform MongoDB plunged almost 24%. Apparel retailer Gap jumped more than 28%.<\/p>\n<\/p>\n
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