watch
now
Stock
futures
were
little
changed
Tuesday
night
after
the
Nasdaq
Composite
rose
to
a
fresh
record.
Futures
tied
to
the
Dow
Jones
Industrial
Average
inched
lower
by
54
points,
or
0.1%.
S&P
500
futures
ticked
down
0.07%,
while
Nasdaq
100
futures
hovered
near
the
flatline.
American
Airlines
slid
more
than
6%
in
after-hours
trading
after
slashing
its
sales
outlook
for
the
second
quarter.
JetBlue
and
Southwest
Airlines
slid
about
2%
each
in
sympathy.
Retail
brokerage
Robinhood
added
about
3%
after
announcing
a
$1
billion
share
repurchase
program.
On
Tuesday,
the
Nasdaq
Composite
popped
0.6%
to
a
record
high
and
closed
above
the
17,000
threshold
for
the
first
time,
fueled
by
a
nearly
7%
jump
in
Nvidia.
The
tech-heavy
index
was
an
outlier,
however,
as
the
S&P
500 edged
higher
by
just
0.02%,
and
the
30-stock
Dow
slid
nearly
0.6%,
dragged
lower
by
a
decline
in
Merck
shares.
Still,
the
major
averages
are
on
track
to
close
the
month
with
impressive
gains,
partly
propped
up
by
enthusiasm
about
a
better-than-expected
quarterly
earnings
season.
The
S&P
500
is
up
5.4%
this
month,
while
the
Dow
has
advanced
2.7%.
The
Nasdaq
is
outperforming
by
a
wide
margin,
up
8.7%
in
May.
The
gains
arrive
even
as
traders
have
lowered
their
expectations
for
Federal
Reserve
rate
cuts.
Indeed,
fed
funds
futures
trading
data
suggests
a
nearly
54%
chance
that
rates
will
hold
steady
in
September,
according
to
the
CME
FedWatch
Tool.
“The
number
of
expected
cuts
has
shrunk,
but
it’s
really
shrunk
for
the
right
reasons.
The
economy’s
been
good.
Inflation
is
progressing,”
Tom
Lee,
head
of
research
at
Fundstrat
Global
Advisors,
said
Tuesday
evening
on
CNBC’s
“Closing
Bell:
Overtime.”
“The
reality
is
that
3%,
or
even
2.7%
inflation
is
really
good
for
corporate
profits.
I
think
the
earnings
outlook
actually
is
far
better
than
most
expected
…
you
can
see
why
there’s
upside
for
stocks.”
Investors
are
looking
to
the
personal
income
and
expenditures
report
for
April,
which
includes
the
PCE
inflation
reading, out
Friday.
