Key Takeaways
- The Dow, S&P 500, and Nasdaq were little changed at midday Friday, May 17, 2024, after all three indexes hit all-time highs earlier in the week amid hopes the Federal Reserve could move to lower borrowing costs.
- Robinhood Markets got a double upgrade from Bank of America, and shares took off.
- Cracker Barrel Old Country Store slashed its dividend as it began a shakeup of its operations, sending shares lower.
The Dow, S&P 500, and Nasdaq were little changed at midday Friday after all three major indexes hit all-time highs earlier in the week amid hopes the Federal Reserve could move to lower borrowing costs.
Robinhood Markets (HOOD) shares jumped as Bank of America gave the stock a double upgrade to “buy” and raised the price target. BofA cited the online brokerage’s rising retail engagement and accelerating organic growth, among other reasons for the upgrade.
Shares of Reddit (RDDT) climbed after the social media networking site announced a partnership with OpenAI to put Reddit content on OpenAI’s ChatGPT chatbot.
DuPont (DD) shares rose as Jefferies upgraded the stock and boosted the price target, noting that end-market demand and benefits of inventory restocking could boost the chemical maker’s volumes in 2025.
Cracker Barrel Old Country Store (CBRL) shares plunged to their lowest level since 2011 as the restaurant and novelty store chain slashed its dividend by 81% as part of a “strategic transformation plan” of its operations. Cracker Barrel also lowered its outlook.
Shares of meme stock darling GameStop (GME) cratered as the video game retailer said it plans to sell more shares to raise cash, and gave projections for its first-quarter results that came in below analysts’ estimates.
DXC Technology (DXC) shares sank as the information technology provider announced another restructuring and gave guidance below estimates as IT spending slows.
Oil and gold futures advanced. The yield on the 10-year Treasury note was higher. The U.S. dollar gained on the yen, but fell to the euro and pound. Prices for most major cryptocurrencies were higher.
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