Market Indices

S&P 500 (GSPC)

• Closing Price: 5,306.04
• Daily Change: 1.32 (0.02%) ⬆️

Dow Jones Industrial Average (DJI)

• Closing Price: 38,852.86
• Daily Change: -216.74 (-0.55%) ⬇️

NASDAQ Composite (IXIC)

• Closing Price: 17,019.88
• Daily Change: 99.09 (0.59%) ⬆️

FTSE 100

• Closing Price: 8,209.33
• Daily Change: -44.77 (-0.54%) ⬇️

Nikkei 225

• Closing Price: 38,556.87
• Daily Change: -298.50 (-0.77%) ⬇️

DAX PERFORMANCE-INDEX (GDAXI)

• Closing Price: 18,472.41
• Daily Change: -204.13 (-1.10%) ⬇️

Sector Performance

The top-performing sectors in 2023 were:

• Technology (+55%)
• Communications Services (+51%)
• Consumer Discretionary (+38%)

The worst-performing sectors in 2023 were:

• Utilities (-10%)
• Energy (-4%)

In Q1 2024, the Energy sector rose 13.5%, outperforming the S&P 500, while Technology faced headwinds.

Economic Indicators

• The US Consumer Confidence Index rose to 102.0 in May from 97.5 in April. The Present Situation Index increased to 143.1, while the Expectations Index rose to 74.6 but remained below 80 for the 4th consecutive month.
• 12-month inflation expectations increased to 5.4% in May from 5.3% in April.
• The perceived likelihood of a US recession over the next 12 months rose for the 2nd straight month in May.

Technical Analysis

Support and resistance levels are key concepts in technical analysis, representing price levels where buying/selling pressure tends to arise. Technical indicators like Moving Averages, RSI, MACD help identify trends and potential reversals. Traders use support/resistance with indicators to plan entries/exits and manage risk.

Earnings Reports

• For Q1 2024 S&P 500 companies, 77% beat EPS estimates (7.5% above estimates on average). 61% beat revenue estimates.
• The Q1 blended earnings growth rate was 5.0%, the highest since Q2 2022. The blended revenue growth rate was 4.1%.
• Analysts expect earnings growth of 9.6%, 8.4%, 17.1% for Q2, Q3, Q4 2024 respectively. The full-year 2024 growth estimate is 11.0%.

Upcoming major earnings reports:

• Amazon (AMZN) on 8/1/2024
• Tesla (TSLA) on 7/17/2024

Stock Movers

Top Gainers on 5/28:

• Insmed Inc (+118.45%)
• Calliditas Therapeutics (+73.92%)
• Montana Technologies (+40.66%)

Top Losers on 5/28:

• Summit Therapeutics (-29.29%)
• Solarmax Technology (-26.10%)
• AEON Biopharma (-22.47%)

Focus Stock: Dow Inc (DOW)

• Sector: Chemicals
• Current Price: $175.74
• P/E Ratio: 45.17x
• EPS: $0.345
• Q1 2024 Revenue: $21.30B
• Q1 2024 Net Income: $1.17B
• 52-week Range: $138.80 - $299.29
• Market Cap: $563.69B
• 12M Dividend Yield: 4.82%
• High Payout Ratio of 1.28 a concern for dividend sustainability

Analyst Recommendations

• Neurocrine Biosciences - Target $135 (+12.59%)
• Coors Beverage - Target $52.62 (+4.52%)
• Brands Holdings - Target $245.49 (+17.32%)
• JP States Cellular - Target $48 (+43.75%)
• JP Athletica - Target $293.98 (+48.65%)
• Live Nation Entertainment - Target $94.89 (+22.25%)
• General Mills - Target lowered to $70 from $72
• Kratos Defense - Target raised to $23 from $20
• Equitable Inc - Target lowered to C$98 from C$105
• Northwest Healthcare REIT - Target raised to C$5.25 from C$5
• Quisitive Tech - Target raised to C$0.46 from C$0.43
• Apple - Rated Hold, Target $190
• Airbnb - Upgraded to Outperform, Target $160-165

Market News Highlights

• S&P 500 opened higher after a rocky week of trading ahead of Memorial Day weekend.
• Nvidia shares helped lift the Nasdaq despite a jump in bond yields weighing on the broader market.