S&P 500 (^GSPC)
| Previous Close | 5,246.68 |
| Open | 5,263.26 |
| Volume |
| Day's Range | 5,263.26 - 5,311.76 |
| 52 Week Range | 4,103.78 - 5,311.76 |
| Avg. Volume | 4,012,710,327 |
- Yahoo Finance Video
Record market highs, Cisco earnings: Market Domination Overtime
On today's episode of Market Domination Overtime, Yahoo Finance Hosts Julie Hyman and Josh Lipton reflect on the trading day and break down what to watch on Thursday, May. 16. The S&P 500 (^GSPC) closed above 5,300 for the first time ever following the release of April's Consumer Price Index inflation print. The Dow Jones Industrial Average (^DJI) and the Nasdaq Composite (^IXIC) both also closed higher. Investors are bullish after BMO Capital Markets raised its year-end target for the S&P 500 to 5600, the current highest target on Wall Street. Yahoo Finance Reporter Josh Schafer joins Market Domination Overtime to analyze whether the market can continue its momentum. CEO of Brazil-based Nubank (NU) David Vélez joins the show to break down the company's earnings which topped the Street's expectations. Nu Holdings is looking to expand its business beyond Brazil, seeing Mexico as a "phenomenal opportunity" due to its large market size. Cisco (CSCO) posted its third quarter earnings after the market close. The company reported adjusted earnings of $0.88 per share, which beat the estimated $0.82, and revenue of $12.70 billion, which was slightly better than estimates. The tech giant also raised its full-year guidance. Morningstar Equity Analyst William Kerwin says the demand slumps for Cisco up until now were a symptom of the "COVID hangover," and it may take another quarter for demand to stabilize fully. Finally, Julie Hyman and Josh Lipton break down what to watch on Thursday, from new housing data to Walmart (WMT) earnings to remarks from Federal Reserve officials. This post was written by Melanie Riehl
- Yahoo Finance Video
Another record high S&P 500: Wednesday's market takeaways
The S&P 500 (^GSPC) hit its first record high since March. Meanwhile, Wall Street grows more bullish, with BMO Capital Markets raising its year-end target for the S&P 500 to 5600, the current highest target on Wall Street. Can the market continue to make such notable gains? Yahoo Finance Reporter Josh Schafer joins Market Domination Overtime to break down Wednesday's top market takeaways. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Nicholas Jacobino
- Yahoo Finance Video
'Elevated caution' is 'warranted' for consumers: Economist
The Consumer Price Index (CPI) data for April fell mostly in line with expectations, sparking further debate about how the Federal Reserve will shape its future monetary policy. In response to the CPI reading, US Equities (^GSPC, ^DJI, ^IXIC) have begun to rise. Edward Jones Senior Investment Strategist Angelo Kourkafas and Interactive Brokers Senior Economist José Torres join Market Domination to discuss how the recent CPI data will impact the Fed and the broader markets. Kourkafas believes the economic data will move the Fed to cut rates: "We think 1 to 2 rate cuts are realistic. I think today was the combo of Fed-friendly data. Looking at both the CPI and retail sales that validate the Fed's stance of not considering further rate hikes from here, but signaling patience. Though the market that the number didn't deviate very much from expectations, I think markets are breathing a sigh of relief that disinflation continues." Torres comments on the strength of the consumer during this cycle: "Consumer erraticness [sic] has been part of this cycle since for the last two and a half years, roughly. So I'm not ready to call the consumer quits just yet. They might come back quite strongly the next month. However, savings are really depleted. Sentiment is down. Consumers are not only concerned over higher prices and lofty interest rates, they're also now fearing their job stability as well. So I do think that there's elevated caution that's warranted this time around." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Nicholas Jacobino
