Overview
- The Dow rose 0.07% to 49,533.19, the S&P 500 added 0.1% to 6,843.22, and the Nasdaq gained 0.14% to 22,578.38.
- The S&P 500 technology sector reversed early losses to close up 0.5% as gains in Nvidia and Apple offset declines in Microsoft and Oracle.
- Software shares remained weak on AI disruption worries, with the S&P software index down 1.6% and Intuit and Cadence Design falling more than 5%.
- Activist and deal headlines drove sharp stock moves, with Norwegian Cruise Line up 12.1% on Elliott’s stake, Masimo up 34.2% on Danaher’s US$9.9 billion bid, Danaher down 2.9%, and Fiserv up 6.9% on a Jana Partners stake report.
- Traders priced roughly a 63% chance of a June Federal Reserve rate cut as markets awaited the PCE inflation report and weighed comments from Austan Goolsbee, Michael Barr and Mary Daly.