US Stock Market Outlook: Nasdaq and S&P 500 Face Declines, Dow Jones Expected to Rise
US Stock Market today: Nasdaq, S&P 500 set for low opening, Dow Jones to rise. Nvidia stocks, Intel, Micron, AMD, Broadcom shares under spotlight
Image: The Economic Times
On Friday, the US stock market anticipates a low opening for the Nasdaq and S&P 500, while the Dow Jones is projected to rise. Major chipmakers like Nvidia and Intel are under scrutiny as investors await crucial employment data that may influence Federal Reserve policies.
- 01Nvidia shares fell by 1.2%, with Intel, Micron, AMD, and Broadcom dropping between 1.2% and 2.5% in premarket trading.
- 02The Labor Department's report is expected to reveal an increase of 85,000 jobs in May, down from 115,000 in April.
- 03Citi is reducing equity exposure due to rising inflation and positioning risks, despite a positive long-term outlook on U.S. equities.
- 04Lululemon Athletica's stock plummeted nearly 12.5% after it lowered its annual profit forecast.
- 05S&P Global will not alter eligibility requirements for its indices, impacting SpaceX's potential entry into the S&P 500.
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The US stock market is expected to open lower on Friday, with the Nasdaq and S&P 500 futures indicating declines, while the Dow Jones futures show a potential rise. Nvidia, the largest company by market value, saw a 1.2% drop, and other major chipmakers like Intel, Micron, AMD, and Broadcom experienced losses ranging from 1.2% to 2.5% in premarket trading. Investors are cautious ahead of the Labor Department's employment report, anticipated to show a rise of 85,000 jobs in May, which could influence the Federal Reserve's monetary policy. Additionally, Citi has announced it will reduce equity exposure, citing inflation concerns despite a bullish long-term perspective on U.S. equities driven by AI advancements. Meanwhile, Lululemon Athletica's stock fell sharply by 12.5% following a profit forecast cut. The S&P Dow Jones Indices is set to announce its rebalancing results, with Marvell Technology as a potential addition to the benchmark index.
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The anticipated decline in major stock indices may affect investor confidence and market sentiment, particularly in the tech sector.
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