Stock Market Update for May 24th 2024

Stock Market Update for May 24th 2024

Global Stock Indexes

  • U.S. Stock Index: Despite closing lower in the previous session due to signs of persistent inflation, U.S. stock indexes rose. This uptick reflected cautious optimism among investors, perhaps driven by expectations of future monetary policy adjustments in response to inflation concerns.
  • European Shares: European shares remained subdued, influenced by ongoing concerns about persistent U.S. price pressures and the gradual recovery of the euro zone economy. These factors dampened hopes for interest rate cuts from major central banks in the near term, contributing to the lackluster performance of European equities.
  • Asian Markets: Chinese stocks and Japan’s Nikkei ended lower, reacting to stronger-than-expected U.S. manufacturing data. This data likely raised concerns about potential tightening of monetary policy, impacting investor sentiment in Asian markets.
  • Canada’s Main Stock Index: Canada’s main stock index moved higher, buoyed by a rise in gold prices. Investors also awaited domestic retail sales data, which could provide further insights into the country’s economic recovery and consumer spending trends.
  • U.S. Dollar: The U.S. dollar firmed, possibly reflecting a flight to safety amid uncertainties in global markets. The dollar’s strength could also be influenced by expectations of tighter monetary policy by the Federal Reserve to address inflationary pressures.
  • Oil Prices: Oil prices fell on fears of diminishing demand, likely driven by concerns about slower economic growth amid persistent inflationary pressures. Reduced demand expectations could also be influenced by factors such as geopolitical tensions or fluctuations in global energy markets.

Corporate Stock News

  • A Chicago jury rejected a woman’s claim that Zantac caused her colon cancer in the first trial out of many similar lawsuits.
  • Thyssenkrupp’s supervisory board approved the sale of 20% of its steel division to Czech billionaire Daniel Kretinsky despite opposition from labor representatives.
  • Queensland blocked Glencore’s carbon capture project due to potential harm to groundwater.
  • Gildan Activewear’s board and CEO resigned, replaced by former CEO Glenn Chamandy and nominees of activist investor Browning West.
  • Laurentian Bank of Canada appointed Christian De Broux as its new chief risk officer.
  • Burger King is launching a $5 meal deal, competing with McDonald’s similar offer.
  • Deckers Outdoor Corp posted strong fourth-quarter results, driven by demand for UGG boots and HOKA sneakers.
  • Intuit reported increased third-quarter revenue and raised annual forecasts.
  • Ross Stores posted first-quarter results above estimates and raised its annual profit forecast.
  • Workday cut its annual subscription revenue forecast due to concerns about lower customer growth.
  • Alphabet’s Google faced off against Epic Games in court over opening its app store to more competition.
  • Applied Materials received another subpoena regarding shipments to China.
  • Boeing updated its workforce training for new hires.
  • Charter Communications signed a new content distribution deal with Paramount Global.
  • Exxon Mobil-led consortium may need to decide by October on developing a natural gas find off the coast of Guyana.
  • Goldman Sachs received a license to set up its regional headquarters in Saudi Arabia.
  • Advisers recommended FDA approval for Guardant Health’s blood test to detect colorectal cancer.
  • JPMorgan Chase will pay $100 million for trade reporting lapses.
  • KKR is expected to get EU antitrust approval to buy Telecom Italia’s fixed-line network.
  • Immersed and Maquia Capital Acquisition mutually ended their merger deal.
  • Micron Technology owes Netlist $445 million in damages for patent infringement.
  • Nvidia’s AI chip for China’s market faced weak demand and pricing below Huawei’s chip.
  • Tesla reduced Model Y output at its Shanghai plant by double digits since March

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