Stock market today: Dow ekes out another record amid winning week

Published On Sep 20, 2024, 4:05 PM

US stocks had a mixed close on Friday, with the Dow Jones Industrial Average hitting a record high above 42,000. The S&P 500 lost 0.2% and the Nasdaq Composite fell 0.4%. Most of the gains for the week were driven by a surge on Thursday after the Federal Reserve's significant interest rate cut, aimed to support economic growth. Despite this, concerns over potential growth risks were evident, especially following disappointing quarterly results from FedEx, which reflects broader economic conditions. Notably, Intel shares spiked after news of a potential takeover by Qualcomm, while Qualcomm's shares tumbled by 4%. FedEx's stock dropped sharply after reporting lower-than-expected profits. Additionally, Nike's shares rose over 7% after announcing a new CEO amid sales pressures.

Read full article

Stock Forecasts

INTCView INTC chart on TradingView

Positive

Given the strong market momentum observed during the week, particularly related to the Fed's rate cut and positive reactions in key sectors like technology and consumer goods, Intel seems well-positioned for continued growth in the near term due to potential acquisition news.

QCOMView QCOM chart on TradingView

Negative

Qualcomm's potential acquisition of Intel suggests positive strategic moves; however, the recent performance drop signals some investor skepticism, leading to a mildly negative outlook despite the broader context of growth in technology stocks.

NKEView NKE chart on TradingView

Positive

Nike's leadership change could rejuvenate interest in the stock, coupled with wider retail sector trends benefiting from consumer spending; as such, we see a positive outlook for Nike's stock following the announcement.

CEGView CEG chart on TradingView

Positive

Constellation Energy's deal to sell nuclear power to Microsoft amid rising demand for energy suggests a strong growth trajectory for the company, reflecting positively in stock performance.

FDXView FDX chart on TradingView

Negative

FedEx's disappointing earnings report raises concerns for the logistics and delivery sector, signaling a negative outlook for FedEx's stock in light of broader economic challenges.

Related News

How long will it take the supply chain to normalize after dockworkers strike?

Oct 5, 2024, 9:31 AM

Dockworkers suspended their strike at East and Gulf Coast ports after reaching a tentative deal, though it will take some time before the supply chain normalizes after the strike.

XLI
FDX

Ports Rush to Reopen After Dockworker Strike Is Suspended

Oct 4, 2024, 4:16 PM

Days after tens of thousands of longshoreman along the East and Gulf Coasts walked out, their union and their bosses reached a tentative agreement on wages.

FDX
AMZN

Vice President Harris says tentative dockworker agreement 'indicates progress toward strong contract'

Oct 4, 2024, 3:53 AM

Dockworkers are returning to work on Friday after reaching a tentative agreement and Vice President Harris says, "this indicates progress towards a strong contract."

FDX
UPS