The stock market closed with mixed results as investors kept an eye on an upcoming inflation report. The Dow Jones Industrial Average saw a slight increase of 0.3%, while the S&P 500 experienced a smaller gain of 0.2%. The Nasdaq, however, didn’t hold on to its morning gains and closed almost unchanged.
Despite the mixed market performance, Taiwan Semiconductor Manufacturing (TSM) saw a surge in its stock after reporting strong April sales driven by demand for AI chips. Other notable gainers in the Nasdaq 100 included companies like Datadog (DDOG), Micron (MU), and ASML (ASML).
Inflation concerns are in focus as the University of Michigan Consumer Sentiment Survey came in below expectations for May, but inflation expectations exceeded forecasts. As the consumer price index for April is expected to climb, the yield on the 10-year Treasury note also rose.
Despite the overall mixed market performance, some stocks like Sweetgreen (SG) and Natera (NTRA) stood out with significant gains following their earnings reports. Arista Networks (ANET) also broke out of a cup base, signaling a bullish sign for the stock.
Looking ahead, investors are awaiting reports from companies like Home Depot (HD) and Walmart (WMT), while stocks like Martin Marietta (MLM) and Nvidia (NVDA) are showing promising signs for potential gains.
Overall, the market is on the brink of hitting new highs, but the looming inflation data and upcoming earnings reports are adding uncertainty to the mix. It’s essential for investors to stay informed and cautious in these volatile times.
