CNBC EVENING BRIEF
AS OF FRI, JUN 24, 2022 • 05:07 ET
DJIA 31500.68
+2.68% +823.32
S&P 500 3911.74
+3.06% +116.01
NASDAQ 11607.62
+3.34% +375.43
Most Active
DOW
NAME LAST CHG %CHG
AAPL 141.66 +3.39 +2.45%
INTC 38.61 +1.20 +3.21%
MSFT 267.70 +8.84 +3.42%
S&P 500
NAME LAST CHG %CHG
AAPL 141.66 +3.39 +2.45%
AMD 87.08 +4.65 +5.64%
CCL 10.85 +1.20 +12.44%
NASDAQ
NAME LAST CHG %CHG
AAPL 141.66 +3.39 +2.45%
AMD 87.08 +4.65 +5.64%
AMZN 116.46 +4.02 +3.58%
EDITOR'S NOTE
The Dow Jones Industrial Average surged more than 800 points in a major comeback rally for stocks, coming off the lows of the bear market last week even as many on Wall Street maintain a gloomy outlook.
A final reading of a consumer sentiment report tracked by the Federal Reserve showed record lows going back to 1952. Still, stocks appeared to get a lift from a key figure in the report showing inflationary pressures easing slightly compared to a preliminary release.
More consumers appeared to be willing to pay for experiences compared to durable goods.
“On balance, sentiment is mixed,” wrote Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “Consumers are getting out and paying for ‘experiences,’ namely travel, leisure, beauty items, household essentials, etc. Elevated inflation, particularly higher food and energy costs, are among headwinds widely expected to crimp discretionary spending in the near-term.”
On Friday, travel names led the S&P 500's gains.
All 11 sectors in the S&P 500 were positive on Friday, but cruise line stocks leapt on the back of a business update from Carnival Corporation that showed booking volumes in its most recent quarter were “nearly double” those of the first quarter.
Shares of Carnival rallied 12.4%. Royal Caribbean Group surged about 15.8%. Norwegian Cruise Line Holdings’ shares gained nearly 15.4%.
Sarah Min | Investing Reporter at CNBC Pro
@_sarahmin
AI
