U.S. Stock Market Update

U.S. Stock Market Update

U.S. stocks were mixed on Thursday, with the S&P 500 and Nasdaq Composite indexes closing lower while the Dow Jones Industrial Average rose slightly.

Market Performance

  • Dow Jones Industrial Average: Increased by 0.1%, closing at 34,740.07.
  • S&P 500: Fell by 0.2%, finishing at 4,384.02.
  • Nasdaq Composite: Dropped by approximately 0.5%, ending at around 13,471.

Key Events

  • Tesla Shares: Plummeted after Elon Musk expressed disappointment in President Donald Trump’s comments about him during a recent press conference. Musk criticized Trump for his handling of trade issues with China and other countries during his presidency.
  • Trump’s Response: Trump stated he had a "very good" conversation with Chinese leader Xi Jinping on Thursday, discussing trade issues, though he did not provide further details.

U.S.-China Relations

The relationship between the U.S. and China has been strained in recent years due to:

  • Disagreements over trade policies.
  • Human rights issues in Xinjiang province.

Other Wall Street News

  • Microsoft: Reached an all-time high, with its stock price increasing by more than $3 per share (nearly 1%) as investors anticipate its quarterly earnings report next month.
  • Circle Internet Group: Shares surged by nearly $7 billion (about two-thirds) after beginning public trading for the first time on Thursday.
  • India’s Reserve Bank: Lowered its benchmark policy rate for the second consecutive meeting this month but kept short-term borrowing costs unchanged amid inflation concerns.
  • Oil Prices: Rose above $100 per barrel for the first time since March, driven by concerns over supply disruptions following Russia’s invasion of Ukraine last year.

Looking Ahead

Investors are anticipating next month’s jobs report. JPMorgan analysts suggest that:

  • Neither extremely high nor low job numbers would be ideal for investors at this time.
  • They recommend a May jobs report that is "neither too hot nor cold."

On Friday morning, futures were pointing higher across all three major indexes.

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