Trade overview includes current reports, trends, indices, stock prices, bonds, foreign exchange, commodities, and analyst recommendations. Trading on Wall Street is experiencing little change in the afternoon, with the Nasdaq up 0.1%, Dow Jones down 0.1%, and S&P 500 unchanged. The market is influenced by disappointing forecasts from Micron, clouding other chip stocks like Nvidia. Additionally, the GDP of the USA increased by 1.4% in the first quarter, with anticipation for the PCE index to be published tomorrow.
A major stock split in Wall Street history is happening today with Chipotle Mexican Grill splitting at a 50 to 1 ratio. The stock is a holding of Bill Ackman’s Pershing Square hedge fund, which also holds Alphabet, Hilton, Restaurant Brands International, and others. European stock markets are showing a mixed trend, with H&M plunging 12% after reporting lower profits. Chip company stock Micron Technology is down about 6% after disappointing forecasts in its financial report.
In Asia, main indexes are trading lower, with the Nikkei down 1.1% and the Hang Seng down 2%. Amazon saw a jump of about 4% last night, reaching a market value of over 2 trillion dollars. Amazon plans to launch a new store featuring fashion and lifestyle items at low prices. Bank of America analysts raised their target price for Amazon stock. FDX saw a 15% jump after exceeding profit and revenue forecasts. Bond yields and currency rates fluctuated in the market.
Tomorrow, the PCE index for the month of May in the US is expected to be published, with forecasts indicating a minimal decrease in inflation. The American investment giant BlackRock remains optimistic about the US stock market, especially technology stocks. They attribute the rally to the performance of technology companies, driven by artificial intelligence investments. BlackRock maintains an overweight allocation to US stocks for the next six to twelve months.