Wall Street rises; Dow and S&P 500 set for weekly fall on inflation worries

US stock indexes opened higher today, but the blue-chip Dow and the benchmark S&P 500 were set to snap four straight weeks of gains as inflation concerns rekindled monetary policy caution ahead of a long weekend. ― Reuters picNEW YORK, May 24 — US stock indexes opened higher today, but the blue-chip Dow and the benchmark S&P 500 were set to snap four straight weeks of gains as inflation concerns rekindled monetary policy caution ahead of a long weekend.

After a strong earnings season and expectation-beating forecasts from Nvidia, “the shift for investors now goes back to ,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.Fresh data from the US Census Bureau showed orders for durable goods rose 0.7 per cent in April, compared with a 0.8 per cent dip expected by economists polled by Reuters. The University of Michigan’s final consumer sentiment index for May came in at 69.1, beating forecasts for a reading of 67.5.

Small-cap stocks regained some ground, with the Russell 2000 rising 0.6 per cent after Thursday’s 1.6 per cent loss.US equity funds secured substantial inflows in the week ended May 22, boosted by optimism around robust corporate earnings. LSEG Lipper data showed investors pumped US$9.9 billion into US equity funds, significantly higher than US$4.1 billion a week earlier.

Workday dropped 11.5 per cent after the human resources software provider cut its annual subscription revenue forecast.

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