US markets trade mixed after hitting new highs this week, S&P 500 trades flat-to-positive; GIFT Nifty up

The US markets were little changed and traded mixed on May 17 as the markets approached the end of a bullish week. At 9:00pm IST, the S&P 500 traded flat-to-positive at 5,297.43 and the Nasdaq Composite declined marginally to 16,697.69. The Dow Jones Industrial Average retreated from the previous day’s bullish run and traded flat-to-negative at 39,868.44.

Earlier during the week, the indices had reached record highs owing to the rising expectations of rate cuts by the Federal Reserve coming in later this year. On Friday, the top market gainers included Travelers Companies, JPMorgan Chase and Dow Inc, trading between 0.65 to 2.15 percent higher. On the other hand, Amgen, Intel and Boeing lost between 0.80 to 1.40 percent.

The GIFT Nifty traded positive, up 0.13 percent at 22,534.00.

European markets broke their nine-day winning streak and were dragged into the negative territory by major stocks’ losses. The FTSE fell 0.21 percent to 8,420.78 and the DAX was down 0.12 percent at 18,715.77. The CAC also declined 0.23 percent to 8,169.81.