Dow Jones closes 66 points higher, awaiting Nvidia's earnings.

HoonSmart.com>> US stock market closed, 3 major indicators positive. Dow Jones rises 66 points and S&P 500 joins Nasdaq to close at new highs Investors awaited Nvidia's earnings and the report of the Federal Reserve's latest monetary policy meeting on Wednesday. West Texas Intermediate crude prices fell 54 cents to close at $79.26 a barrel, while European stock markets closed slightly negative.

The Dow Jones Industrial Average (DJIA) closed on May 21, 2024 at 39,872.99 points, an increase of 66.22 points or +0.17%.
The S&P 500 and Nasdaq closed at new highs. While investors await Nvidia's earnings report after the market close on Wednesday (May 22)

The S&P 500 index closed at 5,321.41 points, up 13.28 points, or 0.25%.

The Nasdaq index closed at 16,832.62 points, up 37.75 points, or +0.22%.

Nvidia shares rose 0.6% and analysts expect the semiconductor giant to report strong performance in 2024. The stock price is up about 92% and is up 205.1% over the past 12 months. Nvidia is in the center of a market rally on hopes that artificial intelligence will boost the company's profits. Moreover, the company's operating results are expected to be a major driver of the market. It will test whether AI-related stocks can continue to rise or not.

Investors are still awaiting the release of minutes from the Federal Reserve's latest policy meeting on Wednesday, after several Fed officials stressed on Tuesday that it is wise to be patient before starting to cut interest rates.

We will have to see several months of good inflation data, Fed Governor Christopher Waller said on Tuesday. Rather than feeling comfortable supporting monetary policy easing. Unless the labor market weakens significantly before then.

Hopes for lower interest rates led to a decline in government bond yields. This reduces pressure on the stock market. The yield on 10-year government bonds fell to 4.41% from 4.48% late Monday. The two-year yield, which moves closely with expectations for Fed policy action, fell to 4.83% from 4.85%.

Shares of Macy's, a major department store, rose more than 5% after raising its full-year earnings forecast. Although sales fell more than expected in the first quarter.

IBM shares rose more than 2% amid plans to release a family of artificial intelligence models as open source software. And helping the Kingdom of Saudi Arabia train its artificial intelligence system in Arabic.

Shares of Lowe's, a major home improvement company, fell 1.8% despite reporting better-than-expected results for the first quarter. It still expects income this year and that includes a cut of up to 3% of sales as high interest rates limit customer activity.

European markets closed slightly lower on concerns about interest rate cuts. Investors are awaiting economic data scheduled for release later this week.

Bank stocks and luxury goods stocks led the decline. Both of them decreased by about 0.9%.

Investors are still awaiting the release of minutes from the Federal Reserve's latest policy meeting and earnings results from giant Nvidia on Wednesday. Seeing the recent momentum pushing the US and European stock market to record highs can I continue?

The German Federal Statistical Office revealed that the producer price index (PPI) for April Germany fell more than expected. This is mainly due to lower energy prices.

AstraZeneca shares: AstraZeneca shares rose by 2.2% and was the highest rising stock in the FTSE 100 index on the London Stock Exchange. The company aims to increase revenues by 75% in 2030

Shares of Generali, Italy's major insurance company, fell 1.5% after announcing first-quarter results. Some analysts point to lower than expected profitability in the real estate and accident insurance sectors.

The STOXX 600 index closed at 522.95 points, down 0.94 points, or -0.18%.
The London Stock Exchange FTSE 100 index closed at 8,416.45 points, down 7.75 points, or -0.09%.
The French Stock Exchange CAC-40 index closed at 8,141.46 points, down 54.51 points, or -0.67%.
The German DAX index closed at 18,726.76 points, down 42.20 points, or -0.22%.

West Texas Intermediate crude for June delivery fell 54 cents, or 0.68%, to close at $79.26 a barrel. The price of Brent North Sea crude for July delivery fell 83 cents, or 0.99%, to close at $82.88 per barrel.