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Wall Street soared to historic highs amid widespread anticipation of Federal Reserve rate cuts. The momentum began on May 15, as Wall Street reacted to signs of a slowdown in US consumer prices for April, fueling hopes for prompt Fed intervention.
This surge propelled all three major indices on Wall Street to unprecedented peaks.The Dow Jones Industrial Average led the charge with a robust 0.9 percent increase, edging closer to the symbolic 40,000-point milestone.
Meanwhile, the S&P 500 and the Nasdaq Composite Index followed suit, recording notable gains of 1.2 percent and 1.4 percent, respectively, with the Nasdaq marking its second consecutive record-setting performance.
Despite this bullish trend, April’s retail sales on Wall Street failed to meet expectations, signaling a potential easing in both inflationary pressures and economic expansion. Coupled with insights from Mr. Sam Stovall, CFRA Research’s chief investment strategist, this data points to a growing probability of Fed rate cuts later in the year.
The first quarter of the year witnessed a spirited rally in US stocks on Wall Street, buoyed by widespread expectations of imminent rate cuts. However, this optimism encountered obstacles as Fed officials opted to delay the anticipated easing measures.
Among individual companies on Wall Street, the landscape was marked by a mix of fortunes. Dell experienced a remarkable surge of 11.2 percent, propelled by an optimistic price target upgrade from Morgan Stanley analysts, who cited the company’s advancements in artificial intelligence technology.
In contrast, Boeing faced a setback, declining by 2.1 percent following revelations of breaching a 2021 criminal settlement, potentially exposing the company to legal repercussions.
Similarly, GameStop and AMC Entertainment witnessed substantial declines after fleeting periods of gains, reigniting debates surrounding the resurgence of the “meme stock” phenomenon. GameStop saw a significant drop of 18.9 percent, while AMC Entertainment lost 20 percent of its value on Wall Street.
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