Stock market today: Live updates

[Pelican Press 0]

Stock market today: Live updates

Traders work on the floor of the New York Stock exchange during morning trading on May 17, 2024.

Michael M. Santiago | Getty Images

U.S. stock futures ticked higher Friday to close out a winning month after the Federal Reserve’s preferred inflation gauge came in about as expected

Dow Jones Industrial Average futures added 88 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures each advanced 0.3%.

Stock futures took a leg up following the latest inflation data released Friday morning. The core personal consumption expenditures price index increased 0.2% in April, in line with the consensus forecast of economists polled by Dow Jones. Core PCE rose 2.8% on an annualized basis, slightly above the 2.7% prediction from economists.

Friday’s action comes near the end of what’s shaping up to be a winning May, with each of the major benchmarks set to register a sixth positive month in seven. The Dow is up 0.8% this month, while the S&P 500 is higher by around 4%. The tech-heavy Nasdaq Composite has gained nearly 7%, which would mark its best month going back to November.

A chunk of May’s gains can be attributed to a surge in Nvidia, which released blockbuster earnings last week. The artificial intelligence darling’s shares climbed more than 2% in Friday’s premarket trading and are poised to end the month nearly 28% higher.

But May’s ascent took a breather during this holiday-shortened trading week. The S&P 500 and Nasdaq Composite were each on pace to snap five-week win streaks with slides of more than 1%. The Dow slipped around 2.5%, heading for a second straight week of losses.

Traders also digested the latest company earnings results. Dell Technologies tumbled 16% even after its first-quarter results beat expectations. Cloud security stock Zscaler surged 15%, while developer data platform MongoDB plunged almost 24%. Apparel retailer Gap surged more than 22%, while department store chain Nordstrom slid more than 2%.

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