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The markets are attempting gains as they look to close out the week on a positive note. The S&P 500 is on pace to extend its winning streak to five trading sessions.
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Mounting concerns over tariffs and persistent inflation took a toll on American consumers’ outlook in May, leading to a notable dip in sentiment. Early figures from the University of Michigan revealed a Consumer Sentiment Index of 50.8, a step down from April’s more optimistic 52.2. Notably, this data predates any positive developments in the U.S.-Beijing trade negotiations and also indicated growing expectations for inflation to stick around in both the near and long terms.
This article will be updated throughout the day, so check back often for more daily updates.
The markets appear to be out of the doldrums, with stocks delivering a positive showing as of mid-morning trading. Bolstered by an initial rally on tariff relief and indications of easing inflation, the market has found some upward momentum. President Trump has brought up tariffs, indicating that he plans to share further details on rates in the coming weeks. At the current pace, the S&P 500 is on pace to clinch its fifth straight trading session with gains. The SPY index is up 0.55% this morning.
Tech stocks are largely advancing today, pushing the Nasdaq Composite into modest gains after yesterday’s dip. The S&P 500 is on track for a potential fifth consecutive day of increases if it closes in the green. The Dow Jones Industrial Average is beginning the day cautiously, while small-cap stocks are seeing 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: Up 7.54 (+0.13%)
Market Movers
Advanced Micro Devices (Nasdaq: AMD), a leader in AI and cloud computing, is continuing its rally this week. CitingAMD’s new agreement with Saudi Arabia’s Humain, Barclays raised its price target to $130 from $110 and reaffirmed its “overweight” rating.
Super Micro Computer (Nasdaq: SMCI) has gained 5.6% following the announcement of a new partnership with DataVolt to initially develop “hyperscale AI campuses” in Saudi Arabia.
Archer Aviation (NYSE: ACHR) is soaring by 10% on news of an Olympic Games taxi deal.
Meanwhile, Novo Nordisk (NYSE: NVO), the producer of Wegovy, experienced a drop of as much as 5% due to an executive leadership change. The departure of CEO Lars Fruergaard Jorgensen comes as the company grapples with a lower share price and increased 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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