
US Stock Market Sees Mixed Day: S&P 500 Rises, Nasdaq Sets Record, FedEx Shares Plummet
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The market's direction was influenced by the recent ceasefire between Israel and Iran, which eased concerns about global crude oil supply disruptions. Crude oil prices stabilized after a significant drop in the previous days, with benchmark US crude rising by 0.7 percent to 64.81 dollars per barrel.
In sector performance, technology stocks were notable, with the Nasdaq Composite setting a record closing high the previous day. However, not all sectors performed well; FedEx shares plummeted in premarket trading after the company failed to provide a full-year profit and revenue outlook.
Among the most actively traded stocks, Tesla saw a significant move, though this was more related to its launch of a driverless robotaxi service in Austin, Texas, over the weekend. BlackBerry shares surged due to better-than-expected results and a boosted revenue outlook.
Looking forward, pre-market futures indicated little change ahead of the next trading day. Key events to watch include the upcoming quarterly results from Micron Technology, which will be reported after the market closes. Additionally, investors are awaiting significant economic data releases, such as the May Consumer Price Index report, which could impact market sentiment.
In terms of market-moving news, the geopolitical situation between Israel and Iran remains a factor, although the current ceasefire has provided some relief. The US dollar index rose to its highest level of the month, up by 0.5 percent at 99.24, reflecting its performance against a basket of foreign currencies. Gold futures, often a safe-haven asset, were down slightly, indicating some cautious investor behavior amidst the geopolitical uncertainty.
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