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The stock market experienced a mixed performance on Friday, June 15, 2024, as the S&P 500 and Dow Jones Industrial Average finished lower while the Nasdaq Composite marked its fifth consecutive record close. The University of Michigan's consumer sentiment index showed a decline to a seven-month low in June despite signs of abating inflation.
The S&P 500 dipped less than 0.1%, closing below its all-time high for the first time since Tuesday, while the Dow Jones Industrial Average lost 0.2%. The Nasdaq Composite gained 0.1% and extended its record-setting streak to five sessions.
Shares of cruise operators such as Norwegian Cruise Line Holdings (NCLH), Carnival Corp. (CCL), and Royal Caribbean Cruises (RCL) declined after Bank of America reported a slight drop in pricing for ocean cruises. First Solar also faced challenges, with analysts at Zacks boosting their quarterly earnings estimates but expressing concerns over high operating costs and the Fed's more muted rate-cut forecasts.
Adobe shares soared 14.5% after reporting better-than-expected quarterly sales and profits and raising its full-year guidance. The media software maker noted robust demand for its suite of generative artificial intelligence (AI) products, which helped drive the strong performance.
Tesla shares were down 2% following shareholders' approval of CEO Elon Musk's pay package despite opposition from some large investors. Broadcom also reported record-level revenue from AI products during the quarter and announced a 10-for-1 stock split effective on July 15, causing its shares to pop nearly 23% this week.
The University of Michigan's consumer sentiment index dropped to a reading of 65.6 in June from May's level of 69.1, according to preliminary data released Friday. Economists had expected the index would rise to a reading of 73.
Key Takeaways: The S&P 500 posted minimal losses on Friday, with the Dow Jones Industrial Average and Nasdaq Composite finishing lower and higher, respectively. Cruise operators experienced declines after Bank of America reported a slight drop in pricing for ocean cruises. Adobe shares soared following better-than-expected quarterly results and raised guidance. Tesla shares were down following shareholder approval of Elon Musk's pay package.
