CNBC Daily Open: Dow briefly tops 40,000 for the first time, meme stocks down but not out
Publishing timestamp: 2024-05-16 21:12:48
Summary
The Dow Jones Industrial Average briefly passed the 40000 mark for the first time before ending lower. Walmart beat earnings expectations as more high-income customers sought bargains. Under Armour plans to cut jobs after reporting a significant profit slump. Figma will allow investors and employees to sell shares in a tender offer. GameStop and AMC continued to retreat after a speculative rally. Market analysts are revising their S&P 500 year-end price targets. JPMorgan Chase CEO Jamie Dimon warned about the growing fiscal deficit in the U.S. and its consequences.
Sentiment: MIXED
Keywords: united states, inflation, prices, jpmorgan drn, consumer prices, markets, banks, breaking news: markets, business news, stoxx 600, world markets,