Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
during
morning
trading
on
May
24,
2024.
Michael
M.
Santiago
|
Getty
Images
The
Nasdaq
closed
Friday
at
a
fresh
record
high
as
gains
in
chipmaker
Nvidia
outweighed
worries
that
the
Federal
Reserve
will
delay
interest
rate
cuts.
The
S&P
500
rose
0.7%,
closing
at
5,304.72,
while
the
Nasdaq
Composite
advanced
1.1%,
ending
at
16,920.79.
The
Dow
Jones
Industrial
Average
edged
up
4.3
points,
or
0.01%,
to
finish
at
39,069.59.
Week
to
date,
the
S&P
500
inched
up
just
0.03%.
The
tech-heavy
Nasdaq
outperformed,
with
a
gain
of
1.41%.
Meanwhile,
the
Dow
shed
2.33%,
marking
its
first
negative
week
in
five.
DJIA
5-day
chart
Nvidia
shares
climbed
around
2.6%
Friday
as
enthusiasm
continued
over
its
blockbuster
earnings
report,
pushing
the
shares
above
$1,000
for
the
first
time.
The
bullish
sentiment
on
the
AI
giant
and
other
tech
names
powered
the
market
higher,
even
as
concerns
the
Fed
will
not
lower
rates
this
summer
lingered.
After
several
strong
economic
and
labor
data
releases
this
week,
Goldman
pushed
its
forecast
for
the
Fed’s
first
rate
cut
back
to
September
from
July.
“Inflation
is
likely
to
be
much
improved
by
September,
but
hardly
perfect,
and
still
at
a
year-on-year
rate
that
makes
cutting
a
less
than
obvious
decision,”
wrote
Goldman
economist
David
Mericle.
Traders
are
now
pricing
in
less
than
a
50%
chance
the
central
bank
will
cut
rates
at
its
September
meeting,
according
to
the
CME
FedWatch
Tool.
Several
tech
names
were
higher
on
Friday.
Advanced
Micro
Devices
and
Intel
rose
3.7%
and
2.1%,
respectively.
Meta
and
Netflix
shares
also
rallied
2.7%
and
1.7%
each.
Their
performance
helped
Nasdaq
log
its
eleventh
record
close
of
the
year.
