NEW YORK, May 21 ― The Nasdaq closed at a record high yesterday while the S&P 500 gained slightly as technology stocks advanced ahead of Nvidia's highly anticipated...
The Dow Jones Industrial Average fell 196.82 points, or 0.49 per cent, to 39,806.77. The S&P 500 gained 4.86 points, or 0.09 per cent, at 5,308.13 and the Nasdaq Composite rose 108.91 points, or 0.65 per cent, to 16,794.87.
“If they surprise to the upside Nvidia could spark a mini fury, although everything's kind of expensive, so it's hard to see a big move up about it,” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. A solid earnings season and signs inflation may be starting to cool again have reignited hopes for Fed rate cuts this year, pushing major averages to record levels. The blue-chip Dow closed above 40,000 points for the first time last week.
The recent rally has started to raise concerns about stock valuations, with the S&P 500 trading at a forward price-to-earning ratio of 20.8, well above its historic average of 15.9, according to LSEG data.
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