Stock market today: Live updates
Investors eagerly await progress on debt ceiling negotiations and a batch of economic data that will provide insight into the path of inflation. S&P 500 futures slipped 0.1%, while Nasdaq-100 futures were near slightly below flat. Futures tied to the Dow Jones Industrial Average lost 34 points, or 0.1%.
Corporate earnings season is drawing to a close. A handful of stocks were moving in response to their reports after the bell. Retailer Gap and semiconductor stock Marvell Technology rose more than 14% and 17%, respectively, in extended trading, while Ulta Beauty tumbled more than 8%.
The Nasdaq Composite surged 1.7% in Thursday’s session after stronger-than-expected revenue guidance and an earnings beat from Nvidia fueled a rally in semiconductor and artificial intelligence stocks as well as other technology names. Nvidia shares jumped 24.4% in the session to finish at an all-time high.
On a weekly basis, the Dow and the S&P 500 are on pace for losses, down nearly 2% and about 1%, respectively. The Nasdaq has a small gain of 0.3%.
Investors continue to watch for updates on the state of debt ceiling negotiations, with the potential for default as early as June 1, according to statements from Treasury Secretary Janet Yellen. Progress was made between congressional leaders and President Joe Biden on Thursday, a report from Reuters said, with stakeholders needing to agree on just $70 billion in spending.
Investors will watch Friday for a crop of new economic data, with specific attention on personal consumer expenditures given its association with the path of inflation. Data on personal income, consumer spending and sentiment, and durable goods is also due in the morning.
FAQs:
What are S&P 500 futures?
S&P 500 futures are contracts to buy or sell the Standard & Poor’s 500 Index at a future date and at a predetermined price.
What is the Nasdaq Composite?
The Nasdaq Composite is an index that consists of stocks that trade on the Nasdaq stock exchange. It includes technology and internet-related stocks.
What is corporate earnings season?
Corporate earnings season is a period when publicly traded companies announce their financial results for a specific period, typically a quarter. Investors closely watch these announcements as they provide insight into the company’s financial health and future growth potential.
What is the debt ceiling?
The debt ceiling is the legal limit set by the U.S. Congress on the amount of national debt that can be issued by the Treasury. Congress must raise the debt ceiling periodically to avoid defaulting on its obligations.
Live Updates on Today’s Stock Market
S&P 500 futures dipped 0.1% as investors waited for signs of progress on debt ceiling negotiations and economic data that can shed light on the path of inflation. Nasdaq-100 futures were slightly below flat, while Dow Jones Industrial Average futures lost 34 points or 0.1%. After-hours, Gap and Marvell Technology rose more than 14% and 17%, respectively, but Ulta Beauty tumbled more than 8%. The Nasdaq Composite surged 1.7% after stronger-than-expected revenue guidance and an earnings beat from Nvidia fuelled a rally in semiconductor and artificial intelligence stocks and other technology names. The S&P 500 ended 0.9% higher, while the Dow slipped 0.1% due to a 5.5% drop in Intel. Best Buy shares rose more than 3% as investors cheered earnings that came in stronger than Wall Street expected, despite warnings from management that shoppers are showing recessionary behaviors. Investors continue to watch for updates on the state of debt ceiling negotiations, with the potential for default as early as June 1, according to statements from Treasury Secretary Janet Yellen. Progress was made between congressional leaders and President Joe Biden on Thursday, with stakeholders needing to agree on just $70 billion in spending. Economic data on personal consumer expenditures, personal income, consumer spending and sentiment, and durable goods are due on Friday, with specific attention on personal consumption given its association with the path of inflation.