Nasdaq Hits New All-Time High

Norwegian Cruise Line steams 7.6% higher
By Newser Editors and Wire Services
Posted May 20, 2024 3:43 PM CDT
Nasdaq Hits New All-Time High
The New York Stock Exchange.   (AP Photo/Peter Morgan, File)

US stock indexes drifted to a mixed finish after a quiet day of trading Monday, and the Nasdaq composite rose to another record.

  • The S&P 500 rose 4.86 points, or 0.1%, to 5,308.13, just short of its all-time high.
  • The Dow Jones Industrial Average fell 196.82 points, or 0.5%, to 39,806.77 in its first trading after closing above the 40,000 level for the first time.
  • The Nasdaq composite rose 108.91 points, or 0.7%, to 16,794.87.
Norwegian Cruise Lines helped lead the market and steamed 7.6% higher after giving some financial forecasts for the year that topped analysts' expectations. It said demand is growing for cruises, and some of its competitors gained in its wake, the AP reports. Carnival rose 7.3%, and Royal Caribbean Group gained 4.1%.

This upcoming week has few top-tier economic reports, like last week's headliner that showed inflation may finally be heading back in the right direction following a discouraging start to the year. But some potentially market-moving reports on corporate profits are on the calendar. Atop them all is Nvidia, whose rocket ride amid a frenzy around artificial-intelligence technology has been a major reason for the S&P 500's gains over the last year. It will report its latest quarterly results on Wednesday, and expectations are high. Analysts are forecasting its revenue more than tripled to nearly $24.59 billion from a year earlier. Its stock was up 2.5% Monday to bring its gain for the year so far to nearly 92%.

Several retailers are also on the schedule, including Lowe's on Tuesday, Target on Wednesday. and Ross Stores on Thursday. They could offer more details on how well spending by US households is holding up. Target was down 2.1% after it said Monday it would cut prices on thousands of everyday essentials, like milk and diapers, in an acknowledgment of how customers are looking for relief from higher prices. In the oil market, movements for crude prices were relatively calm and modest following the death of Iran's president in a helicopter crash.

(More stock market stories.)

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