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5 things you should know before the stock market opens on Friday, May 17
- The Dow briefly surpassed 40,000 for the first time.
- Walmart shares rose as the retailer said it benefited from people opting for groceries over quick-service restaurants.
- Wayfair is opening its first physical store.
Here is the most important news investors need to start their trading day:
Lord, sir Dow hit 40k. O Dow Jones Industrial Average jumped briefly over 40,000 for the first time, although it ended the day slightly lower, back at 39,869.38. Still, the intraday high is the culmination of a bull market which began in October 2022. The S&P 500 and the Nasdaq Composite it also broke new records before falling later in the day. “This achievement is a testament to the powers of capital formation, innovation, earnings growth and economic resilience,” said John Lynch, chief investment officer at Comerica Wealth Management. follow live market updates.
Customers shop at a Walmart Supercenter on February 20, 2024 in Hallandale Beach, Florida.
Joe Raedle | Getty Images
Actions of Wal-Mart hit an all-time high on Thursday, rising about 7% after surpassed Wall Street’s quarterly sales and revenue expectations. The company’s CFO attributed this, in part, to customers turning to Walmart’s supermarket aisles in search of cheaper meals than they can in quick-service restaurants. “It’s about 4.3 times more expensive to eat out than to eat at home,” he said. “And it’s benefiting our business.” But former Walmart US CEO Bill Simon told CNBC’s “Fast Money” that rich clients helped boost the pace and warned that it might be difficult to maintain them.
The U.S. Supreme Court in Washington, D.C., on February 28, 2024. The U.S. Supreme Court on Wednesday will hear arguments about the legality of “bump stocks,” simple devices that can allow automatic fire from semiautomatic weapons.
Mandel Ngan | AFP | Getty Images
The Supreme Court ruled Thursday that the financing structure of Consumer Financial Protection Bureau It’s cool. The decision protects the agency — which gets its funding from the Federal Reserve system — from a potential death sentence. Congress created the CFPB in the wake of the 2008 financial crisis to enforce consumer protection laws and to ensure a fair market for consumer financial products and services. It also authorized the CFPB to withdraw its funding from the Federal Reserve system to insulate it from political pressure and not depend on an annual appropriation from Congress. Justice Clarence Thomas, a conservative, wrote the 7-2 majority opinion.
The Adobe XD application on a laptop installed in the Brooklyn neighborhood of New York, USA, on Friday, July 28, 2023.
Gaby Jones | Bloomberg | Getty Images
Figurea cloud-based design tools company, said it will allow current investors, including current and former employees, to sell their shares in a public offering. The offer values the company at $12.5 billion, which represents a 25% increase over the valuation at which the company raised funds in 2021. But it falls short of the $20 million Adobe offered in 2022 in a takeover attempt before the deal fell apart after federal scrutiny. . Technology companies like Google, Oracle It is Sales force use Figma software, as well as Microsoftwhich spends millions per year on its implementation.
Wayfair store in Wilmette, Illinois.
Courtesy: Wayfair
Online Home Products Retailer Wayfair is adopting a new approach: opening a physical store. It is following a number of other digitally native companies that have turned to physical locations to grow, including Warby Parker, Figs, Glossier and Everlane. The 150,000-square-foot Wayfair megastore outside Chicago will offer a variety of home items, from furniture to appliances and decor. The move also comes as new retail store openings have outpaced store closures in recent years, turning the tide of the so-called retail apocalypse and warning that stores would die.
— CNBC’s Lisa Kailai Han, Melissa Repko, Stephanie Landsman, Kevin Breuninger, Dan Mangan, Hayden Field, Deirdre Bosa and Gabrielle Fonrouge contributed to this report.
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Correction: Bill Simon is the former CEO of Walmart. An earlier version of this article misstated its title.