Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) closed higher on Friday ahead of the Memorial Day weekend. Furthermore, the S&P 500 rose for the eighth consecutive week, marking the longest winning streak since 2023.
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News That Moved the Stock Market Today
- Pakistani Army Chief of Staff Asim Munir, a key mediator between the U.S. and Iran, landed in Tehran to continue negotiation efforts. He joined a team of Qatari negotiators as the two countries work to resolve differences.
- President Trump swore in Kevin Warsh to replace Jerome Powell, although Powell will remain on the Fed Board as a governor. Trump said that Warsh should be “totally independent” and urged him to “just do your own thing.”
- The University of Michigan’s Index of Consumer Sentiment sank to an all-time low of 44.8 in May, badly missing the estimate of 48.2. Consumer concerns centered around rising gas prices, with long-term inflation expectations ramping to 3.9% from 3.5%.
- Qualcomm (QCOM) rallied after announcing an expanded partnership to provide Stellantis (STLA) with its Snapdragon system-on-chip (SoC) products.
- Dell (DELL) secured a new 52-week high after Wells Fargo analyst Aaron Rakers raised his price target to $270 from $180. In addition, J.P. Morgan analyst Samik Chatterjee hiked his target to $170 from $110 ahead of the company’s earnings report next week.
- AMD (AMD) was another winner after CEO Lisa Su said she expects the CPU market to grow by 35% over the next five years.
- Uber (UBER) closed in the red following reports that the ride-hailing company is considering a complete takeover of German rival Delivery Hero (DLVHF).