New York, NY – The Nasdaq Composite achieved a significant milestone on Tuesday by surpassing the 17,000 mark for the first time in history. This remarkable feat comes at the end of a strong month, with the index recording an increase of over 8% so far in May.
The Consumer Confidence Index saw an unexpected rise in May alongside an uptick in inflation expectations, as reported by the Conference Board on Tuesday. The Present Situation index climbed to 102, while the Expectations Index increased to 74.6. However, the 12-month inflation outlook edged higher to 5.4%, indicating a growing concern among consumers.
In premarket trading, Apple shares surged nearly 2% following a reported rebound in China’s iPhone shipments, which saw a 52% increase in April compared to the previous year. The ongoing meme stock frenzy has also fueled a significant rise in GameStop shares, which surged by 27% after a successful stock sale.
T-Mobile made headlines by announcing a $4.4 billion deal to acquire U.S. Cellular’s wireless operations and a portion of its spectrum assets. This strategic move is expected to strengthen T-Mobile’s position in the market while expanding its reach in the telecommunications industry.
Meanwhile, silver is on track for its best month in nearly four years, with the metal climbing almost 20% in May. This positive performance is reflected in the Global X Silver Miners ETF, which saw a more than 3% increase in premarket trading on Tuesday.
In the financial sector, Minneapolis Federal Reserve President Neel Kashkari emphasized the importance of continued positive data before considering any rate cuts. With inflation data playing a crucial role in monetary policy decisions, Kashkari highlighted the need for sustained economic improvements.
Overall, the market experienced mixed performances last week, with the Nasdaq Composite gaining 1.4%, the Dow slipping 2.3%, and the S&P 500 finishing marginally above flat. These fluctuations reflect the ongoing economic uncertainties and market volatility that investors are navigating in the current landscape.