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Wall Street rebounds but Dow down for the week
37,565 次觀看・2 天前

STORY: U.S. stocks rebounded on Friday.

The Dow nudged marginally into the green, the S&P 500 gained seven-tenths of a percent and the Nasdaq added 1.1%.

The tech-heavy index and the S&P notched a fifth straight week of gains.

However, the Dow snapped its five-week rally after it suffered its biggest one-day percentage drop in over a year on Thursday.

The Commerce Department said new orders for key U.S.-manufactured capital goods rebounded more than expected in April while the University of Michigan reported that consumers' inflation expectations improved in late May after deteriorating early in the month.

Adam Coons is chief portfolio manager at Winthrop Capital Management.

"Consumer sentiment was better than expected in regards to where inflation is headed. And so what we continue to have in this dynamic is, is inflation coming down and is growth sustained? If we can get inflation to come back to 2% and we can keep growth somewhere around 2%, that still is a good economy. And I think that's what you're seeing the consumer start to understand and accept the fact that that is kind of where we're headed. And I don't want to use the word 'Goldilocks,' but if we can get that scenario, it could be the Goldilocks scenario for stock markets and the economy as whole."

Stocks on the move included Workday, which plunged more than 15% after the human resources software provider cut its annual subscription revenue forecast.

AI chip leader Nvidia kept rolling two days after its latest blowout earnings report... its shares adding another 2.5%.

Ross Stores rallied more than 7.5% after posting first-quarter results above estimates and raising its annual profit forecast.