The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite had recorded a mild increase in their performance after a volatile day, indicating better sentiment following geopolitical progress in the US-Iran talks. Walmart shares dropped due to disappointing earnings outlook, and oil prices reversed their rally. Meanwhile, investors watched earnings season conclude without any significant surprises, which is expected to shift market attention towards geopolitical developments. The Dow Jones Industrial Average reached a record closing high, with consumer staples leading losses and cyclical sectors holding their ground.
NEW YORK: Wall Street's three main indexes closed slightly higher after Thursday's choppy session as oil prices lost ground, with some officials citing progress in US-Iran peace talks even as both sides took opposing stances over Tehran's uranium stockpile and control of the Strait of Hormuz.
Investors also reacted to the latest batch of earnings from big US companies, with Walmart shares tumbling 7.3% after the largest global retailer forecast second-quarter profit below estimates and maintained its annual targets. Among the S&P 500's 11 major industry sectors, consumer staples led losses with a 1.6% decline.
The Dow Jones Industrial Average rose 276.31 points, or 0.55%, to a record closing high of 50,285.66, the S&P 500 gained 12.75 points, or 0.17%, to 7,445.72, and the Nasdaq Composite gained 22.74 points, or 0.09%, to 26,293.10. Nvidia, the world's most valuable company, fell 1.8%, and consumer staples led losses with a 1.6% decline.
While jobless claims fell last week, giving the US Federal Reserve room to keep its focus on inflation risks, US manufacturing activity rose to a four-year high in May as businesses built inventories to guard against potential shortages and rising prices tied to the Iran war. Advancing issues outnumbered decliners by a 1.51-to-1 ratio on the NYSE, with 234 new highs and 106 new lows.
On the Nasdaq, 2,985 stocks rose and 1,798 fell, with 96 new highs and 108 new lows. A senior Iranian source told Reuters that no deal had been reached with the US, but that gaps had been narrowed while Iran's uranium enrichment and Tehran's control over the strait remained among the sticking points. US Secretary of State Marco Rubio also mentioned the possibility of a tolling system in the Strait of Hormuz, which could affect oil transportation
US-Iran Peace Talks Iran's Uranium Stockpile Strait Of Hormuz Inflation Risks Fed Room For Rate Cuts Geopolitical Developments US Industrial Sectors Walmart Earnings Nvidia Stock Price Consumer Stock Losses Chips And Technology Industry
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