Heard on the Street Recap: 40K Magic -- WSJ

Dow Jones05-17

By Heard Editors

The Dow Jones Industrial Average crossed 40000 points for the first time on Thursday, 873 trading days since the index first closed above 30000 in November 2020.

By market close, though, the Dow had lost its momentum, and it ended the day about 131 points shy of that milestone. The index shed 0.1%, or 38.62 points on the session. The S&P 500 and the Nasdaq Composite also lost steam, ending the day down 0.2% and 0.3%, respectively.

A breather was probably due after an extended rally this month that was driven by hopes of a soft landing. Evidence from the latest spate of economic data makes it hard to ignore the possibility of a surprise cut from the Fed in the summer, writes Heard's Aaron Back.

The top performer on both the Dow and the S&P 500 was Walmart, which gained 7% after reporting healthy top and bottom-line growth. Walmart is best known for every-day low prices, but shoppers are also increasingly gravitating to Walmart for convenience, as Heard's Jinjoo Lee writes.

The second top performer on the S&P 500 was insurer Chubb, which rose 4.7% after it emerged that Warren Buffett's Berkshire Hathaway had amassed a sizable stake in the company. What does Buffett see in Chubb? The answer might be in the company's underwriting performance, according to Heard's Telis Demos.

Meanwhile, more air came out of the meme-stock bubble on Thursday, with GameStop and AMC Entertainment shedding 30% and 15%, respectively.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 16, 2024 17:30 ET (21:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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The S&amp;P 500 and the Nasdaq Composite also lost steam, ending the day down 0.2% and 0.3%, respectively. \n</p>\n<p>\n     A breather was probably due after an extended rally this month that was driven by hopes of a soft landing. Evidence from the latest spate of economic data makes it hard to ignore the possibility of a surprise cut from the Fed in the summer, writes Heard's Aaron Back. \n</p>\n<p>\n     The top performer on both the Dow and the S&amp;P 500 was Walmart, which gained 7% after reporting healthy top and bottom-line growth. Walmart is best known for every-day low prices, but shoppers are also increasingly gravitating to Walmart for convenience, as Heard's Jinjoo Lee writes. \n</p>\n<p>\n     The second top performer on the S&amp;P 500 was insurer Chubb, which rose 4.7% after it emerged that Warren Buffett's Berkshire Hathaway had amassed a sizable stake in the company. What does Buffett see in Chubb? 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The index shed 0.1%, or 38.62 points on the session. The S&P 500 and the Nasdaq Composite also lost steam, ending the day down 0.2% and 0.3%, respectively. \n\n\n     A breather was probably due after an extended rally this month that was driven by hopes of a soft landing. Evidence from the latest spate of economic data makes it hard to ignore the possibility of a surprise cut from the Fed in the summer, writes Heard's Aaron Back. \n\n\n     The top performer on both the Dow and the S&P 500 was Walmart, which gained 7% after reporting healthy top and bottom-line growth. Walmart is best known for every-day low prices, but shoppers are also increasingly gravitating to Walmart for convenience, as Heard's Jinjoo Lee writes. \n\n\n     The second top performer on the S&P 500 was insurer Chubb, which rose 4.7% after it emerged that Warren Buffett's Berkshire Hathaway had amassed a sizable stake in the company. What does Buffett see in Chubb? The answer might be in the company's underwriting performance, according to Heard's Telis Demos. \n\n\n     Meanwhile, more air came out of the meme-stock bubble on Thursday, with GameStop and AMC Entertainment shedding 30% and 15%, respectively. \n\n\n     This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n\n\n  (END) Dow Jones Newswires\n\n\n  May 16, 2024 17:30 ET (21:30 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.5","shortVersion":"4.22.5","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2436980315"}