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US STOCKS-Wall Street set for weekly gains as investors digest rally
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US STOCKS-Wall Street set for weekly gains as investors digest rally
May 17, 2024 12:55 PM

*

Reddit ( RDDT ) gains on OpenAI partnership

*

GameStop ( GME ) expects Q1 revenue to drop, shares tumble

*

AMD up as Microsoft ( MSFT ) offers AMD option to Nvidia AI

processors

*

Indexes mixed: Dow up 0.21%, S&P up 0.02%, Nasdaq down

0.16%

(Updates to 2:56 PM ET)

By Chibuike Oguh and Shristi Achar A

NEW YORK, May 17 (Reuters) - U.S. stocks were mixed in

choppy trading on Friday on profit-taking after a weeks-long

rally underpinned by data that supported expectations for

interest rate cuts by the Federal Reserve this year.

The benchmark S&P 500 edged higher after paring

losses while the Nasdaq fell, but both remained on

course for a fourth straight week of gains. The Dow rose,

on track for its fifth week of advances in a row.

Strong corporate results and inflation and other economic

data have bolstered investor hopes for Fed rate cuts this year.

All three main indexes touched record highs on Thursday,

when the Dow hit the 40,000 milestone before closing in the red.

"Today is a bit of a digestion day: we just broke out

through record highs and now we're on a fourth straight week of

gains, and the market appears to take a breaker," said Keith

Lerner, co-chief investment officer at Truist Advisory Services

in Atlanta.

Traders see a 68% chance of the Fed's first rate cut in

September, the CME FedWatch Tool showed.

Seven out of the 11 S&P 500 sectors were advancing, with

energy shares leading gainers while technology

was the biggest loser.

Among technology heavyweights, Nvidia ( NVDA ), which

reports quarterly results next week, was down 2% while Alphabet

was up 0.7%. Amazon ( AMZN ) rose 0.4%, Apple ( AAPL )

fell 0.1%, and Meta shed 0.7%.

At 02:56 p.m ET, the Dow Jones Industrial Average

rose 84.38 points, or 0.21%, to 39,953.76. The S&P 500

gained 1.05 points, or 0.02%, at 5,298.15 and the Nasdaq

Composite lost 27.57 points, or 0.16%, at 16,670.89.

"For all the times that I've seen the market hit milestones

and new highs, there's almost always consolidation around it

even though it seems it's all psychological," said Tom Plumb,

chief executive and portfolio manager at Plumb Funds in New

York.

"People have got mixed signals on inflation this week

and the next big catalyst is next week when Nvidia ( NVDA ) reports. So

it's one of those days when you seem to be bidding your time."

Advanced Micro Devices ( AMD ) gained 0.1% after Microsoft ( MSFT )

said it plans to offer its cloud computing customers a

platform of AMD artificial intelligence chips that will compete

with components made by Nvidia ( NVDA ).

Reddit ( RDDT ) rose 11.2% on partnering with OpenAI to

bring its content to ChatGPT.

GameStop ( GME ) shed 24% after filing for a mixed-shelf

offering and saying it expects first-quarter net sales to drop

from a year ago.

The stock is still set for sharp weekly gains, along with

fellow retail investor darling AMC Entertainment ( AMC ), on

excitement over the social media return of "Roaring Kitty," the

central figure in the 2021 meme-stock rally. AMC shares fell

4.4%.

Declining issues outnumbered advancers by a 1.01-to-1 ratio

on the NYSE. On the Nasdaq, 1,898 stocks rose and 2,242 fell as

declining issues outnumbered advancers by a 1.18-to-1 ratio.

The S&P 500 posted 39 new 52-week highs and one new low

while the Nasdaq recorded 136 new highs and 59 new lows.

(Reporting by Chibuike Oguh in New York; additional reporting

by Bansari Mayur Kamdar and Shristi Achar A in Bengaluru;

Editing by)

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