The Dow Jones Industrial Average inched up by less than 0.1 per cent to close at 39,127.80, while the S&P 500 gained 0.2 per cent, ending at 5,477.90. The Nasdaq Composite Index also rose by 0.5 per cent to 17,805.16 in a choppy trading session on Wall Street. Stock indexes remained near all-time highs set the previous week, with notable moves in individual stocks following corporate earnings reports.
FedEx saw a surge of 15.5 per cent after reporting earnings that exceeded expectations, driven by cost-reduction measures. Conversely, General Mills experienced a 4.6 per cent drop due to a 6 per cent decline in quarterly sales. Rivian Automotive soared over 23 per cent after announcing a significant investment from Volkswagen. Whirlpool jumped 17.1 per cent following reports of a potential takeover bid by Robert Bosch.
Moderna faced a decline of 11 per cent after clinical testing revealed decreased efficacy in its RSV vaccine. Amazon shares rose by 3.9 per cent, reaching a market value exceeding $2 trillion for the first time.
Investors are closely monitoring the upcoming inflation report, particularly the Personal Consumption Expenditures (PCE) index expected to show a slight decrease in the inflation rate to 2.6 per cent in May. The Federal Reserve aims to reduce inflation to its 2 per cent target, with the latest data potentially influencing decisions on interest rates.
Overall, the market remains dynamic with various factors influencing stock movements.