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The markets are trading a bit aimlessly today, showing a lack of conviction in either direction. American consumers are showing signs of fatigue.
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11:27 am
Moderna (Nasdaq: MRNA) is up 5%, making it one of today’s biggest winners in the S&P 500.
Super Micro Computer (Nasdaq: SMCI) is holding onto its gains of 4.8% today on a new Saudi partnership.
Adobe (Nasdaq: ADBE) is gaining 2.8%.
PG&E (NYSE: PCG) is up 3.3%.
Applied Materials remains under pressure, losing 6.5% on the day.
Freeport-McMoRan (NYSE: FCX) is down 3.6%.
Albemarle (NYSE: ALB) is off by 3.2% today.
Hershey (NYSE: HSY) is losing 3% on a disappointing quarterly earnings print.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are cautious as of mid-morning trading as they weigh this week’s positive trade deal developments and easing inflation with signs of a cautious consumer. The month of May witnessed a drop in consumer sentiment as Americans grappled with the dual pressures of tariff uncertainty and inflation. The preliminary University of Michigan Sentiment Index fell to 50.8, down from April’s 52.2. The data, collected prior to the U.S.-Beijing trade agreement advancements, also showed an increase in consumers’ inflation expectations for both near and distant horizons. The SPX index is gaining 0.18%.
The major stock market indices, including the S&P 500, Nasdaq Composite and Dow Jones Industrial Average, are trading a bit aimlessly this morning, showing a lack of conviction in either direction. President Trump has brought up tariffs, indicating that he plans to share further details on rates in the coming weeks. If the S&P 500 can turn it around, it will be on pace to clinch its fifth straight trading session with gains.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 6.35 (+0.02%)
Nasdaq Composite: Up 35.61 (+0.18%)
S&P 500: Down 1.66 (-0.03%)
Market Movers
Advanced Micro Devices (Nasdaq: AMD), a leader in AI and cloud computing, is extending its rally this week. Wall Street firm Barclays lifted its price target to $130 from $110 and reaffirmed its “overweight” rating, pointing to AMD’s new agreement with Saudi Arabia’s Humain as the catalyst.
Super Micro Computer (Nasdaq: SMCI) is rising 5.6% after announcing new partnership with DataVolt to create “hyperscale AI campuses” in Saudi Arabia and beyond.
Archer Aviation (NYSE: ACHR) is climbing higher by 10% on the heels of an Olympic Games taxi deal.
Novo Nordisk (NYSE: NVO), the maker of Wegovy, suffered a drop as steep as 5% following a C-Suite shakeup. CEO Lars Fruergaard Jorgensen is stepping down as the company struggles with a lower stock price and heightened competition in the weight loss drug market.
Applied Materials (Nasdaq: AMAT), a semiconductor stock, is sharply declining by 6.3% today amid concerns over weakening margins.
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