May 14: Market Summary

May rally

May 14, 2024

Good afternoon.

Markets are rallying in May, the Nasdaq hits a record high, and meme stock mania is back.

Let's dive in.


Here are today's market moves:

What's Happening

  • The stock market is rallying in May after pulling back last month.

  • The S&P 500 has climbed 4.19% this month, trading near a record high:

  • Investors have grown more confident that the Fed will start cutting rates this year, likely in September.

  • The crypto market is relatively stable this month, with Bitcoin trading near $60,000.

Catch Up

  1. The Nasdaq closed at a record high today.

  2. GameStop shares are up 180% this week as meme stock mania returns.

  3. Jim Simons, founder of the hedge fund Renaissance Technologies, dies at 86.

What Else?