Markets rise as Dow tops 40,000

Stocks ticked higher, pushing the Dow Jones above 40K for the first time, for a banner year.  The Dow was last up 84 points as Walmart (WMT) popped 6% on strong fiscal first-qtr results.  The S&P 5 & NAZ also hit record highs, gaining 0.2% each.  “This achievement is a testament to the powers of capital formation, innovation, profit growth, and economic resilience,” said John Lynch, chief investment officer at Comerica Wealth Management.  The Dow'’s march toward 40K comes as expectations of interest rate cuts & enthusiasm around artificial intelligence boost investor sentiment.  The first Federal Reserve rate cut is price in for Sep, according to the CME Group's FedWatch tool.  That expectation grew further after a smaller-than-expected increase in consumer prices for Apr was reported.  On top of that, tech-related darlings such as Amazon (AMZN), Meta Platforms (META) & Nvidia are all up sharply YTD.  These factors have led to strong YTD gains for the Dow, S&P 500 & NAZ.  The Dow has climbed more than 6% for 2024, while NAZ & S&P 500 are up 11% each.  Dow is still barely over 40K!!

Dow rises to 40,000 for first time

Cisco (CSCO), a Dow stock, EPS fell to 46¢ from 78¢ a year earlier.  The weakening performance stems from clients setting up the equipment they received in recent qtrs.  “We currently expect customers to complete the installation of the majority of their inventory by the end of our fiscal year in July,” CEO Chuck Robbins said & said he was happy CSCO is approaching the end of supply chain challenges it has faced for years.  CSCO's public sector business was weaker in the US than in other regions.  “We believe this has since cleared with the subsequent signing of the most recent U.S. federal government funding,” Robbins said.  CSCO bumped up its fiscal 2024 revenue guidance to $53.6-53.8B, from $51.5-52.5B in Feb.  The forecast expected $53.1B.  The company narrowed its full-year adjusted earnings forecast.  It's now $3.69-3.71, compared with $3.68-3.74 in Feb.  The estimate was $3.67.  Herren called for fiscal 2025 revenue growth in the low- to mid-single digits.  The stock

Cisco reports better-than-expected results even as revenue suffers steepest drop in 15 years

Sorry for the short post, but having computer problems.

Dow Jones Industrials