The US stock market fluctuated in mixed trading on May 20. While the Nasdaq Composite climbed to a new record high and the S&P 500 rose slightly thanks to strong gains in technology stocks, the Dow Jones Industrial Average fell due to a decline in JPMorgan shares.
The Dow Jones Industrial Average fell 196.82 points, or 0.49%, to 39,806.77 at the close on May 20. The S&P 500 gained 4.86 points, or 0.09%, to 5,308.13, and the Nasdaq Composite added 108.91 points, or 0.65%, to 16,794.87. AI stocks will be in the spotlight this week. Investors will be closely watching Nvidia's first-quarter 2024 results, due to be released on the afternoon of May 22, for evidence that the world leader in AI chips can maintain its explosive growth and stay ahead of its rivals. Nvidia shares rose 2.49% in the session. The stock is up 91.4% since the start of 2024 and up 203.2% over the past 1 2 months.
“If the Fed starts lowering rates, that could lead to a recovery, but it doesn’t seem like the economic data supports that,” said Stephen Massocca, senior vice president at San Francisco-based investment advisory firm Wedbush Securities.
The Dow Jones Industrial Average, meanwhile, was in the opposite direction as JPMorgan shares fell 4.5% after CEO Jamie Dimon said he was “cautiously pessimistic” about the economic outlook and said JPMorgan would not buy back its own shares at current prices. Comments from Fed officials on the same day did little to change expectations for a rate cut from the bank.
Minutes of the Fed's latest monetary policy meeting are expected to be released on May 22. Markets are betting 63.3% on the chance that the Fed will cut interest rates by at least 0.25 percentage points at its September 2024 meeting. In the Vietnamese market, at the end of the trading session on May 20, the VN-Index increased by 4.47 points to 1,277.58 points. Trading volume reached more than 1,161 million shares, equivalent to nearly VND 27,679 billion. The entire floor had 264 stocks increasing in price, 174 stocks decreasing in price and 69 stocks remaining unchanged. The HNX-Index increased by 1.03 points to 242.57 points. Trading volume reached more than 109 million shares, equivalent to nearly VND 2,113 billion. The entire floor had 103 stocks increasing in price, 91 stocks decreasing in price and 58 stocks remaining unchanged.
Source: Bnews
