The Dow Jones Industrial Average jumped above 40,000 for the first time as investors bet inflation pressures would ease and interest rates would come down, allowing the bull market to march on.was last up 127 points, or 0.3%. At its high of the day, the average touched 40,0051, the culmination of a bull market that began in October 2022. The index had neared the 40,000 mark earlier this year, before a slight April pullback on worries about high interest rates knocked it back down.
The decision comes ahead of Nvidia's earnings results next week in which the AI chipmaker will have a high hurdle to clear after its exorbitant run. Nvidia shares have nearly doubled this year, up by roughly 91%. In comparison, AMD shares up by just 8%. Meanwhile, the S&P 500 is up by more than 11%.CEO of Canada Goose Dani Reiss applauds the company's IPO above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., March 16, 2017.
Under Armour fiscal fourth quarter earnings beat by 3 cents, but its profit forecast of 18-21 cents in the new fiscal year is a fraction of the 59 cents the Street has been expecting. The athletic gear firm also sees a shocking low double-digit decline in revenues, while analysts were expecting a 2% rise. The company blames"lower wholesale channel demand and inconsistent execution across our business" for the weak guidance.
Fuel prices rose 2.4% while foods, feeds and beverages posted a 1.7% increase, the largest since July 2023. Nonfuel import prices jumped 0.7%, the highest since March 2022.First-time filings totaled 222,000 for the week ended May 11, just 1,000 above the Dow Jones estimate and a 10,000 decline from the previous week's upwardly revised total, which was the highest since late August.that building permits fell to 1.44 million, below the 1.48 million estimate, while housing starts rose to 1.
"Baidu Core's online marketing revenue remained stable, while the end-to-end optimization of our AI technology stack continued to propel the growth of our AI Cloud revenue during the quarter," said co-founder and CEO Robin Li in a statement.European markets opened mixed Thursday as a slew of earnings weighed on a relief rally for global markets following softer-than-expected U.S. inflation data.
Chinese property stocks rose following a report that the country was considering to buy millions of unsold homes from distressed developers in a bid to prop up its embattled property market.reported that China's State Council was gathering feedback from government entities and several provinces on local state-owned enterprises being tasked to buy unsold homes at steep discounts using loans offered by the state banks.policy rate unchanged at 0%-0.
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