Market Recap – May 31st
On the final trading day of May, stocks experienced a decline as investors closely monitored the federal debt ceiling debate in Washington. The Dow Jones Industrial Average ended 0.41% lower, shedding 134.51 points to close at 32,908.27. The S&P 500 dipped 0.61% to finish at 4,179.83, while the Nasdaq Composite slipped 0.63%, closing at 12,935.29.
Looking at specific investments, we’re watching Intel and Lucid. Intel’s shares saw a 4.83% surge following positive remarks from the company’s CFO, David Zinsner, who expressed optimism about a potential turnaround in the data center division and anticipated easing China inventory in the third quarter. Lucid, the luxury electric vehicle (EV) manufacturer, has announced plans to raise approximately $3 billion through a new stock offering. A significant portion of this amount, around $1.8 billion, will be obtained through a private placement with Saudi Arabia’s Public Investment Fund, which currently holds a majority stake of approximately 60% in the company.
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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.