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Stock Market Today: Nasdaq clinches all-time high close as tech reigns supreme

Published 2024-06-13, 07:58 p/m
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Investing.com-- The Nasdaq closed at a record high Friday, led by tech and expectations for Federal Reserve rate cuts later this year, though a dent in consumer sentiment kept gains in check. 

At 16:00 ET (20:00 GMT), the NASDAQ Composite was up 0.2% to close at record high of 17,693.43. The Dow Jones Industrial Average fell 57 points, or 0.2%, S&P 500 dropped 0.1% to close at 5,433.00 after hitting an all-time earleir this week of 5,447.25. 

Consumer sentiment takes hit

The University of Michigan's preliminary consumer sentiment index declined to a  reading of 65.6 in June, the from 69.1 a month earlier, while one-year and five-year inflation expectations eased to 2.9% and 2.8% from 3.1% and 2.9%, in the prior month, respectively. 

The one-year preliminary inflation expectation was unchanged at 3.3% for the month in June, though a higher than the 3.2% expected. 

Still, bets on inflation cooling further have ben boosted this week after producer prices unexpectedly fell in May, and consumer price index slowed more than expected, sotking optimism that a disinflationary trend is in play, likely leading to lower interest rates by the end of the year.

Boeing slips on fresh regulatory probe concerns; Gamestop cuts losses as memeking Roaring Kitty nearly doubles stake

Boeing Co (NYSE:BA) fell nearly 2% as the Federal Aviation Authority is reportedly investigating accusations that the aircraft maker and rival Airbus may have used fake titanium in planes, The New York Times reported Friday. 

GameStop Corp (NYSE:GME) was fell more than 1%, despite Kieth Gill, also known as Roaring Kitty, unveiling he had nearly doubled his stake in video game retailer to 9 million shares from 5 million previously. The video game retailer said it would now host its annual shareholder meeting on Jun. 17, after the meeting was disrupted by tech issues on Thursday. 

Adobe soars after strong earnings; Tesla gains as Musk wins shareholder backing

Adobe Systems (NASDAQ:ADBE) stock soared 14% after the software giant logged strong earnings and hiked its 2024 guidance on higher demand for its AI-powered editing tools.

The results also included stronger ARR guidance, a "reaffirmed outlook for Creative segment growth in 2H and an absence of any 'weak macro' commentary," UBS said as it lifted its price target on the stock to $560 from $540 a share.

Electric vehicle maker Tesla (NASDAQ:TSLA) fell 2% after shareholders voted in favor of a controversial $56 billion pay package for CEO Elon Musk, as well as the company’s reincorporation in Texas.

(Peter Nurse, Ambar Warrick contributed to this article.)

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