Markets Slow Today Overall 📈| 🎯$NVDA Sets New Record High | 🐳 The Nasdaq Composite Sets A New Record 👀
Nvidia took center stage today after a strong earnings report and this lead to The Nasdaq Composite setting a new record high in todays trading session of $17k. The market is divided currently between optimism on rate cuts and sky high hopes for AI which has led stocks to being stuck in a perpetual game of pong. Inflation Watch is now on every investors radar, counting down the days to the next release of the Federal Reserves PCE gauge. This has led to representatives echoing the message that data must show real cooling in inflation to bring rate cuts on to the table. Let’s take a look at how our indexes performed today:
The S&P500 finished just above flatline on the day
The Dow Jones Industrial Average lost about 0.6%
The Nasdaq Composite as mentioned earlier set a new ATH
In corporate news saw a 25% rise after the retailer announced Friday it had brought in almost $1B from a share sale during the meme rally back in May. bounced back early after showing iPhone sales spiked 50%+ in April with retail partner cutting prices. T-Mobile has set the stage to buy US Cellular’s wireless operation for a blockbuster $4.4B deal, this will include customers, stores, and 30% of its spectrum assets announced today. US Cellular announced around this time last year they were exploring strategic options, they will however retain ownership of about 70% of its spectrum, its equity-method investments and 4,400 towers. This deal would essentially make T-Mobile long term tenants on 2600 of these towers, US Cellular saw a 10% pop on the news. In our final corporate news touched a new record high today with a stock split coming next Friday on June 7th, investors will be looking to buy shares between now and then as the split is 10/1 so for every share they own afer the split they receive an additional 9. Some of the most popular price strikes for this week are 1200 & 1350, with 6/7 falling betweetn 1350-1500.
