Stocks were higher on Wednesday as market heavyweight Nvidia
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
On the Economic Front:
New Home Sales fell in May, The Commerce Department reported Wednesday, as the housing market continues to struggle in an environment of high prices, high rates and low supply. Sales of newly constructed single-family U.S. homes totaled 619,000 for the month, declining 11.3% from April's upwardly revised print of 698,000.
The median sales price also dipped lower to $417,400 for May, down $500 from April's print, while the average sales price increased to $520,000, compared to $503,700.
For Earnings:
FedEx
Looking ahead towards fiscal 2025, the company expects low to mid-single-digit revenue growth year-over-year, with that expectation stemming from low-inventory levels and ecommerce, according to Chief Customer Officer Brie Carere.
"We think ecommerce is going to outpace the B2B growth," Carere said during the company's earnings call on Tuesday. "We like the fundamentals from an ecommerce perspective that will help us here in the United States and around the world."
In the News:
Amazon
Rivian
Shopify
"We like the stock's event path offering accelerating (albeit mechanical) revenue growth in 2H24 with profitability set to inflect in 2025," Radke said. "Shopify also avoids the ongoing macro/AI-induced budget uncertainty as more of a 'downstream beneficiary' of AI trends."
Southwest Airlines
"The reduction in the Company's RASM [revenue per available seat mile] expectations was driven primarily by complexities in adapting its revenue management to current booking patterns in this dynamic environment," Southwest said in a filing.
For Thursday:
Market participants will react to more housing market data as they gear up for Friday's personal consumption expenditures index reading for May.