Nasdaq finishes at fresh record while Dow dips
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Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
NEW YORK - The Nasdaq climbed to a fresh record on May 28, following another gain by Nvidia while the Dow was pressured by a rise in US Treasury yields.
Shares of Nvidia jumped 7.1 per cent following reports that Elon Musk’s xAI plans to purchase chips from Nvidia.
Meanwhile, the Conference Board reported a surprise increase in consumer confidence in May, thanks in part to a solid labour market.
The tech-rich Nasdaq Composite Index rose 0.6 per cent to 17,019.88, a new all-time high.
The Dow Jones Industrial Average dropped 0.6 per cent to 38,852.86, while the broad-based S&P 500 was flat at 5,306.04.
The yield on the 10-year US Treasury note rose above 4.5 per cent, reflecting expectations Federal Reserve interest rates could stay high.
This week’s calendar includes the April reading for PCE prices, which is closely monitored by the Fed for inflation trends.
Among individual companies, Chevron rose 0.8 per cent following reports Hess shareholders had approved Chevron’s acquisition of the company.
However the deal has been thrown into question following a challenge by ExxonMobil over Hess’s stake in an offshore Guyana field. Hess rose 0.4 per cent.
GameStop surged about 25 per cent after announcing it raised US$933.4 million (S$1.2 billion) following an equity offering.
T-Mobile US tacked on 0.8 per cent after announcing it will acquire UScellular’s wireless operation for about US$4.4 billion. UScellular jumped 12.2 per cent. AFP
