Nasdaq and S&P fall as stocks set for down week

Nasdaq, S&P fall as stocks set for down week

US stocks fell on Friday after investors first heaved a sigh of relief following a crucial inflation measurement that showed signs of dropping.

The blue-chip Dow Jones Industrial Average (DJI) gained 0.2% after two days of steep losses. The S&P 500 (^GSPC) fell 0.5%, while the tech-heavy Nasdaq Composite (^IXIC) dropped 1.1%.

The Personal Consumption Expenditures price index data was viewed as critical for markets heading into a negative week. The “core” PCE index, which is carefully tracked by the Fed and excludes food and energy costs, up 0.2% in April, easing from a 0.3% increase in March. However, the indicator indicated that price hikes remained persistent last month.

As per Nasdaq

Bond yields decreased following the inflation announcement, with the benchmark 10-year Treasury (TNX) falling below 4.5%.

Following former President Donald Trump’s conviction on 34 felony counts related to business record fraud, DJT shares saw a decrease in individual movers.

Dell (DELL) posted higher revenue in the commercial sector, but the shares plunged 21% in early trade as sales of its AI servers did not meet expectations. Following a noteworthy earnings beat, Gap stock (GPS) increased by more than 24%.

Bill Ackman contemplates Pershing Square’s IPO

Bill Ackman, a hedge fund investor better known to some as a frequent X poster, is considering taking his investing firm public as early as next year, according to the Wall Street Journal, leveraging his burgeoning social media reputation.

According to the article, Ackman is selling a stake in Pershing Square to investors as a first step toward a prospective IPO in a funding round valued at approximately $10.5 billion. Pershing Square has more than $16 in net assets as of the end of April.

Ackman founded Pershing Square in 2004 and became well-known as an activist hedge fund manager. Ackman, a proxy fight veteran, has now become involved in a variety of social and political causes, including expressing support for Donald Trump following his conviction on Thursday for falsifying corporate records.

NYSE Employees working on the board

Ackman’s political stances have also included criticism of diversity, equity, and inclusion measures, as well as calls to remove Harvard University President Claudine Gay, who resigned in January.

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