Investing.com – The Nasdaq closed at a record high on Friday, helped by the technology sector and expectations of a Federal Reserve rate cut later this year, although weaker consumer sentiment kept gains in check.
At 4:00 pm ET (20:00 GMT), shares were up 0.2% to close at a record high of 17,693.43. Down 57 points, or 0.2%, the stock fell 0.1% to close at 5,433.00 after hitting a record high this week of 5,447.25.
Consumer sentiment has suffered
The University of Michigan’s preliminary reading fell to 65.6 in June from 69.1 a month earlier, while one-year and five-year inflation expectations fell to 2.9% and 2.8% from 3.1% and 2.9% the previous year. month. respectively.
Preliminary annual inflation expectations remained unchanged at 3.3% for the month in June, although higher than the 3.2% expected.
However, bets that inflation will cool further this week picked up steam after a surprise fall in May and slowed more than expected, raising optimism that a disinflationary trend is underway that will likely lead to lower interest rates by the end of the year. .
Boeing is silent on new concerns about regulatory investigations; Gamestop cuts losses as Roaring Kitty meme nearly doubles bet
Boeing Co. (NYSE:) fell nearly 2% as the Federal Aviation Administration is reportedly investigating allegations that the plane maker and rival Airbus may have used counterfeit titanium in planes, The New York Times reported Friday.
GameStop Corp. (NYSE:) fell more than 1% even as Keith Gill, also known as Roaring Kitty, announced that he had nearly doubled his stake in the video game retailer to 9 million shares from 5 million previously. The video game retailer said it will now hold its annual shareholders meeting on June 17, after the meeting was disrupted by technical problems on Thursday.
Adobe soars after strong earnings; Tesla rises as Musk wins shareholder support
Adobe Systems (NASDAQ:) shares rose 14% after the software giant posted strong earnings and raised its 2024 guidance due to rising demand for artificial intelligence-powered editing tools.
The results also included a stronger ARR outlook, “confirmed creative segment growth guidance in the second half and no commentary on ‘weak macro fundamentals,'” UBS said, raising its share price target to $560 from $540 per share.
Shares of electric car maker Tesla (NASDAQ:) fell 2% after shareholders voted on a controversial $56 billion pay package for CEO Elon Musk and a reorganization of the Texas-based company.
(Peter Nurse and Ambar Warrick contributed to this article.)