Nvidia Propels Nasdaq to a Record High

Dow and S&P post small gains
By Newser Editors and Wire Services
Posted May 24, 2024 3:18 PM CDT
Nvidia Propels Nasdaq to a Record High
Tourists gather near the New York Stock Exchange on May 16, 2024, in New York.   (AP Photo/Peter Morgan, File)

Stocks rebounded on Friday from a rough Thursday:

  • The S&P 500 rose 36 points, or 0.7%, to 5,304.
  • The Dow ticked up 4 points, or 0.01%, to 39,069.
  • The tech-centric Nasdaq rose 184 points, or 1.1%, to 16,920—a record high, reports CNBC. A big reason is that shares of AI chipmaker Nvidia continued to climb following a great earnings report earlier this week.
  • For the week, the benchmark S&P finished about even, while the Dow fell about 2% and the Nasdaq gained about 1%.

The market got a bit of a boost Friday from a report showing sentiment among US consumers overall weakened by less in May than preliminary data had suggested. Perhaps more importantly, the report from the University of Michigan also said consumers' expectations for inflation in the coming year rose by less in May than earlier feared. Deckers Outdoors jumped 13% for one of the market's biggest gains after reporting stronger profit and revenue for the latest quarter than expected, per the AP. The company behind the Hoka, Ugg, and Teva brands also gave a forecast for revenue this upcoming fiscal year that was in line with analysts' expectations.

Ross Stores also helped the market with a leap of 8% after the retailer reported better profit for the latest quarter than analysts expected. Elsewhere on Wall Street, Workday fell 15% despite reporting stronger profit for the latest quarter than analysts expected. The company, which helps businesses manage their people and money, gave a forecast for upcoming subscription revenue that fell a bit short of Wall Street's estimates.

(More stock market stories.)

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