Your Evening Recap for Thursday, May 23rdNVIDIA reported another blowout quarter, sending its shares up by 10%, but the news did not support the broad market. The S&P 500 turned lower mid-day to retreat nearly 1.0% on renewed fear of inflation. Wednesday's read of the FOMC minutes revealed the Fed is unwilling to cut interest rates too soon as worries of persistent inflation linger. The risk is that Fed officials seem ready to increase rates should inflation continue to run hot—a move that could send the market into a tailspin.
The S&P is poised to fall and may enter a correction anytime. Thursday's move created a Bearish Engulfing Pattern that set a new high at the open, then moved lower to offset the previous six days of trading. There is now only a 50/50 chance for a single hike by September, and chances for two are slim before 2025, barring the US economy slipping into recession. Under these conditions, the market could easily move down to retest the recent lows near 4,990 before mid-June when the FOMC next meets and new lows are possible. Featured: Exposed: 3 CENT Crypto to Explode June 24th? (True Market Insiders) |
 A 5% dip during Tuesday’s session was the latest in a run of red days for Wayfair Inc (NYSE: W) stock. It came as it did in the days after the benchmark S&P 500 index set a fresh all-time high, which will have made it worse for investors. They’d have been forgiven for thinking at the start of May that the online furniture stock would easily outpace the market for the entire month and potentially the whole quarter, if not longer. This optimism came from the stock’s Q1 earnings report at the start of the month, which saw the headline numbers eas... Read The Full Story > |  Goliaths in the tech space are no longer looking to battle with David. Instead, they're partnering early and acquiring. And it looks like Microsoft could've found their next AI partner. Find out who Microsoft could be betting big on. |
 Nvidia's stock price has more than doubled this year as of the close of trading Thursday, increasing the company's market value by more than $1.3 trillion. Those numbers are headed higher again Thursday after the company reported better-than-expected quarterly results. The chipmaker has seen soaring demand for its semiconductors, which are used to power artificial intelligence, or AI applications. The company's revenue more than tripled in the latest quarter from the same period a year earlier. It's the latest sign that the excitement surrounding artificial intelligence likely won't subside anytime soon. Read The Full Story > |
 Last week, the market experienced a flashback to the meme stock mania of 2021. Keith Gill, famously known as RoaringKitty, reemerged on X, sparking a renewed frenzy among retail traders. Shares of iconic meme stocks like GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) soared on remarkable trading volumes. However, the excitement was short-lived as both companies retraced and announced stock offerings, significantly diluting their shares and causing a swift price decline. So, is it time to sell the meme stocks in May and walk away? GameStop GameStop experienced a dramatic rise following RoaringKitty's tweet last week, but the announcement of a share offering abruptly halted the rally. Read The Full Story > |  See what Elon Musk's new invention does and how it works…
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 The average rate on a 30-year mortgage dipped this week to just below 7% for the first time since mid April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties Read The Full Story > |
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