Market Recap – May 19th 💰

Market Recap – May 19th

Last Friday, the Dow Jones Industrial Average gained 0.3% or 115.14 points, closing at 33,535.91. Despite a dip of over 262 points earlier in the day, 21 out of the 30 components of the index ended in positive territory. The Nasdaq Composite climbed 1.5% or 188.27 points to reach 12,688.84. This marks the highest closing for the tech-heavy index since August 25, 2022. The S&P 500 also experienced gains, rising 0.9% to close at 4,198.05, its highest level since August 2022. Seven out of the 11 broad sectors of the benchmark index closed in positive territory, with the Consumer Discretionary, Technology, and Communication Services sectors leading the way with gains of 2.1%, 1.6%, and 1.8%, respectively.

Looking at specific investments, we’re watching Dutch Bros and Citigroup. AMD makes graphics processing units, or GPUs, for PCs, gaming consoles, and data centers. With the rise of AI, many eyes are on the company to support the hardware infrastructure of this technology. AMD saw revenue of about $5.3 billion. However, Wall Street was looking for $5.5 billion. In the same quarter last year, AMD sales were $6.55 billion. Citigroup utilizes less than 30% of its earnings for payouts. In addition to its attractive dividend, Citigroup is considered a value stock, trading at approximately seven times forward earnings and only 0.47 times book value.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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