Stock market today: Stocks tread water with Dow aiming for 40,000
Dow Nears 40K: Is a Market Crash Looming?
US stocks showed minimal changes on Friday as the Dow Jones Industrial Average aimed to surpass the 40,000 mark, a milestone it briefly touched on Thursday. The S&P 500 and Nasdaq Composite saw slight movements but were on track for weekly gains. The market's focus shifted to Federal Reserve officials' statements, with Fed Governor Michelle Bowman emphasizing the need for potential rate hikes if inflation persists.
In individual stock news, Reddit shares surged by 13% following a partnership announcement with OpenAI, which will integrate Reddit's content into ChatGPT. Conversely, GameStop shares plummeted over 25% as the company projected a significant drop in first-quarter sales, indicating a shift by shoppers to online platforms. This news comes after a brief rally earlier in the week reminiscent of the 2021 meme stock frenzy.