S&P 500 Update May 2025: Nvidia Surges 7% on Elon Musk’s xAI Partnership, Moderna Drops 8%
Explore the latest S&P 500 market movements on May 28, 2025, highlighting Nvidia’s record gains linked to Elon Musk’s xAI supercomputer integration, alongside key inflation updates and corporate earnings insights.
Michael Bromberg, a seasoned finance editor with over 10 years of experience, specializes in breaking down complex financial topics into clear, accessible language. He holds a BA in Literature from the University of Wisconsin-Madison and a Master's in Linguistics from Universidad de Antioquia, Colombia.
Highlights from May 28, 2024
- The S&P 500 remained virtually unchanged, kicking off a shortened trading week packed with critical inflation data and fresh corporate earnings reports.
- Nvidia shares soared 7%, reaching an all-time high after Elon Musk announced integration of Nvidia’s chip technology into his xAI startup’s supercomputer.
- Moderna experienced an 8% drop as investors took profits following a robust 10-day rally.
The week began with mixed performance across major U.S. indices post-Memorial Day, influenced by upbeat consumer sentiment data revealing stronger labor markets and declining food prices.
Federal Reserve officials, including Minneapolis President Neel Kashkari, reiterated that interest rates might stay elevated until inflation shows clear signs of easing. Market watchers are focused on Friday’s Personal Consumption Expenditure (PCE) report for clues about inflation trends.
While the S&P 500 hovered near flat, the Nasdaq climbed 0.6% to close above 17,000 points for the first time ever, marking a new milestone in tech sector performance. Conversely, the Dow slipped 0.6%.
Nvidia led gains with a 7% jump fueled by surpassing earnings expectations and renewed excitement over AI growth prospects, further boosted by Elon Musk's xAI collaboration.
Apparel giant Ralph Lauren’s stock rose 4.5%, supported by positive earnings and expectations of improved gross margins thanks to lower cotton prices.
Deckers Outdoor’s shares climbed 4.5%, driven by strong sales of Uggs and Hoka footwear following better-than-expected quarterly results.
Energy provider Vistra gained 4%, reflecting optimism about its role in meeting surging energy demands from AI technologies.
Moderna’s shares fell 8% after a stellar 40% gain over ten sessions, reflecting profit-taking amid ongoing AI and health-related market optimism.
Builders FirstSource dropped 4.8% amid concerns over prolonged high interest rates impacting housing affordability and construction activity.
Marketaxess Holdings declined 4.9% following a revenue miss linked to decreased U.S. high-yield commission income, despite potential gains from bond market volatility.
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