It Was a Quiet Day on Wall Street, But Records Were Broken

S&P 500, Nasdaq hit new all-time highs
By Newser Editors and Wire Services
Posted May 21, 2024 3:33 PM CDT
S&P 500, Nasdaq Hit Record Highs
The New York Stock Exchange is shown on Tuesday, May 21, 2024.   (AP Photo/Peter Morgan)

US stock indexes drifted higher to set more records following another quiet day of trading on Tuesday.

  • The S&P 500 rose 13.28 points, or 0.3%, to 5,321.41, surpassing its record set last week.
  • The Dow Jones Industrial Average rose 66.22 points, or 0.2%, to 39,872.99 and is sitting just below its record set last week.
  • The Nasdaq composite rose 37.75 points, or 0.2%, to a new high of 16,832.62.
Macy's jumped 5.1% after it joined the long list of companies reporting better profit for the latest quarter than analysts expected.

Lam Research helped support the market after the supplier for the semiconductor industry announced a program to buy back up to $10 billion of its own stock. The company also said it will undergo a 10-for-one stock split, which would bring down each share's price and make it more affordable to more investors. Its stock rose 2.3%. That helped offset a 3.7% drop for Palo Alto Networks. The cybersecurity company delivered a better profit report than expected, but it gave a forecasted range for revenue in the current quarter whose midpoint was a hair below analysts' expectations.

Trump Media and Technology Group, the company behind Donald Trump's Truth Social network, sank 8.7% after disclosing a net loss of $327.6 million in its first quarterly report as a publicly traded company. Lowe's fell 1.9% despite reporting better results for the latest quarter than analysts had feared. It said it's maintaining its forecast for revenue this year, including a dip of up to 3% for an important underlying sales figure as high interest rates keep a lid on customer activity. Zoom Video Communications fell 0.4%. The company joined the chorus line of companies delivering a stronger profit for the latest quarter than analysts expected, but its quarterly earnings forecast fell short of expectations.

(More stock market stories.)

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